Top Spring (03688) said its profit attributable to equity shareholders for the nine months ended 30 September 2016 dropped 23.8% year-on-year to HK$159 million.
The revenue was HK$3,826 million, a decrease of 6.9% from a year earlier.
Gross profit fell 64.6% year-on-year to HK$385 million. Gross profit margin reduced to 10.1% from 26.5%, which was primarily attributable to a significant proportion of recognised sale of properties (excluding sale of car park units and after deduction of sales return) from the Group's project in Nanjing, namely The Sunny Land - Nanjing, which the gross profit margin was relatively low and contributed about 74.2% of revenue from sale of properties of the Group for the nine months ended 30 September 2016.
For the three months ended 30 September 2016, Top Spring's profit attributable to equity shareholders dropped 19.7% year-on-year to HK$207 million.
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