Sino Grandness (S$0.65) 1Q16 earnings largely boosted by financial engineering gains
- 1Q16 net profit surged 3.3x to Rmb360.2m, boosted by fair value gains and reduced interest expense arising from the restructuring of its convertible bonds.
- Stripping effects of financial engineering, underlying pretax profit would have shown a more subdued 7% growth to Rmb152.7m. This is on the back of a 24% growth in revenue, offset by 84.5% growth in distribution and selling expenses.
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