The real estate market is cold, but the leading agency sales company is making huge profits. Five major construction projects have been completed and accounted for.

Haiyue International (2348)'s operating performance rebounded strongly in the third quarter, benefiting from the completion of five construction projects in Taipei, New Taipei and Kaohsiung, and the steady injection of agency sales income. The consolidated revenue in the third quarter reached 4.985 billion yuan, a quarterly increase of 175.68%. , an annual increase of 326.33%, with an after-tax net profit of 344 million yuan, a quarterly increase of 78.52%, and an annual increase of 532.09%. The single-quarter after-tax net profit per share (EPS) reached 2.16 yuan, and both revenue and profit increased significantly compared with the previous quarter and the same period last year.

Haiyatt's operating profit in the third quarter was NT$711 million, a quarterly increase of 164.01% and an annual increase of 196.66%. The expansion of operating scale drove simultaneous profit growth, mainly benefiting from the completion and handover of five construction projects including Taipei's "Dun Yang", New Taipei's "A3 Lightspot", and Kaohsiung's "Dali Future City", "Smiling Haiyue 2" and "Taiwan Yinfu", boosting single-quarter operating performance.

In the first three quarters of this year, Haiyue's consolidated revenue reached 8.1 billion yuan, an annual increase of 83.47%, operating profit was 1.197 billion yuan, an annual increase of 5%, and after-tax net profit was 561 million yuan. Although it was lower than the same period last year, the annual decrease has been significantly reduced compared with the first half of the year. The after-tax net profit per share was 3.22 yuan. The company stated that the increase in share capital this year compared with last year, coupled with changes in product mix, affected profit performance.

In addition to the injection of construction income, Haiyue's cash level remained abundant in the first three quarters. During the period, it still repaid approximately 2.7 billion yuan in bank construction financing loans, which helped reduce interest expenses and further improved its financial structure.

Looking forward to the fourth quarter, Wang Junjie, general manager of Haiyue International, pointed out that Haiyue's agency sales business has been received from a safe source, and sales of many target construction projects will be launched one after another. Sales revenue in October has increased by 24.91% compared with September. It is expected that subsequent sales of construction projects will continue to drive sales revenue. In addition, "Dali Ye Cui" will also be recognized for completion and handover in December, adding another wave of contribution to the fourth quarter revenue, and the operation for the whole year is expected to maintain steady development.