Emperor International (00163) said the segment profit of the Group's property development is always subject to fluctuation and the magnitude of fluctuation for the year ended 31 March 2014 as compared to that for the previous financial year is expected to be significant.
Such fluctuation in this segment profit is mainly due to the revenue recognition policy. Out of the total revenue derived from the four major recent residential developments of the Group for the two years ended 31 March 2014, over 90% of the revenue was recognised during the year 2013 when the majority of the units were delivered to the customers during that year, while there were only a few units sold and delivered during the year 2014.
Emperor International also expects a significantly lesser gain on fair value arising from the revaluation of the investment properties of the Group for the year ended 31 March 2014 from a year earlier. The net gain on fair value adjustment is a non-cash item and will not have a direct impact on the cash flow of the Group.
Its annual results announcement is expected to be released in June.
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