One Penha Hill developer expects yearly profit to surge

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Property developer Tomson Group Limited expects to post ‘a substantial increase’ of nearly 60 per cent in its consolidated profit for the year ended December 31 2016, owing to an increase in proceeds from the sale of the group’s properties in Macau and in Mainland China, according to a filing by the company with the Hong Kong Stock Exchange yesterday.
The group reported HK$625 million (US$77.8 million) in profits for the corresponding period in 2015.
For the first half of 2016, the company posted a net profit of some HK$303 million, an increase of 25.9 per cent year-on-year, citing again the increase in proceeds from development and sale of property projects in the city and those on the Mainland.
In Macau, Tomson holds a 70 per cent interest in the development of One Penha Hill, a 63-luxury residential unit condominium overlooking Nam Van.
The project is the tertiary source of revenue to the group and accounted for approximately 26.07 per cent of the gross proceeds from its operations during the first half of 2016, according to the company’s interim report.
The company expects to announce its annual results late this month.