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02.05.2017 12:05
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NAM TAI PROPERTY INC. Reports Q1 2017 Results
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PR Newswire
SHENZHEN, China, May 2, 2017
SHENZHEN, China, May 2, 2017 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced its unaudited results for the first quarter ended March 31, 2017.
KEY HIGHLIGHTS
(In thousands of US dollars, except per share data, percentages and as otherwise stated)
| | Quarterly Results | ||
| | Q1 2017 | Q1 2016 | YoY(%)(b) |
| Operation income | $594 | $654 | (9) |
| Net operation income | $594 | $204 | 191 |
| % of operation income | 100.0% | 31.2% | |
| Operating loss | $(1,390) | $(2,019) | - |
| % of operation income | (234.0%) | (308.7%) | |
| per share (diluted) | $(0.04) | $(0.06) | - |
| Net income (loss) (a) | $1,814 | $(341) | - |
| % of operation income | 305.4% | (52.1%) | |
| Basic income (loss) per share | $0.05 | $(0.01) | - |
| Diluted income (loss) per share | $0.05 | $(0.01) | - |
| Weighted average number of shares ('000) | | | |
| Basic | 36,466 | 36,700 | |
| Diluted | 36,990 | 36,700 | |
| | |||
| Notes: | |||
| (a) Net income for the three months ended March 31, 2017 mainly included interest income of $2.5 million earned from time deposits, exchange gain of $0.8 million as a result of the appreciation of Renminbi against the US dollar in Q1 2017 and net operation income of $0.6 million, but partly offset by general and administrative expenses of $2.0 million. Further details can be found in the "Operating Results" section on page 2 below. | |||
| (b) Percentage change is not applicable if either of the two periods contains a loss. | |||
| (c) Capitalization on project investment was $1.4 million for Q1 2017 and our accumulated project investment was $39.4 million up to March 31, 2017, which was recorded under the account of real estate properties under development in the balance sheet as at March 31, 2017. | |||
| (d) This information has been published on the Company's website http://www.namtai.com/investors#investors/quarterly_earnings under the quarterly earnings report of Q1 2017, "Condensed Consolidated Statements of Comprehensive Income" beginning on page 7. | |||
SUPPLEMENTARY INFORMATION (UNAUDITED) IN THE FIRST QUARTER OF 2017
Key Highlights of Financial Position
| | As at March 31, 2017 | As at December 31, 2016 | As at March 31, 2016 |
| Cash, cash equivalents and short term investments | $182.7 million(a) | $184.2 million(a) | $207.5 million |
| Ratio of cash(b) to current liabilities | 18.15 | 14.79 | 35.26 |
| Current ratio | 20.47 | 16.63 | 39.39 |
| Ratio of total assets to total liabilities | 24.79 | 19.98 | 46.07 |
| Return on equity | 3.1% | (3.8%) | (0.5%) |
| Ratio of total liabilities to total equity | 0.04 | 0.05 | 0.02 |
| | |||
| Notes: | |||
| (a) Compared with December 31, 2016, the decrease of $1.5 million in the cash, cash equivalents and short term investments as at March 31, 2017 was mainly due to $1.4 million capitalized for land development project, which was recorded under the account of real estate properties under development in the balance sheet as at March 31, 2017. | |||
| (b) Cash in the financial ratio included cash, cash equivalents and short term investments in the amount of $182.7 million, $184.2 million and $207.5 million as at March 31, 2017, December 31, 2016 and March 31, 2016, respectively. | |||
OPERATING RESULTS
Operation income for the first quarter of 2017 and the corresponding quarter of last year were mainly derived from properties and lands located in Shenzhen, the PRC. Operating loss for the first quarter of 2017 was $1.4 million, a decrease of $0.6 million, compared to operating loss of $2.0 million for the first quarter of 2016.
Net income for the first quarter of 2017 was $1.8 million and mainly represented interest income of $2.5 million earned from time deposits, exchange gain of $0.8 million as a result of the appreciation of Renminbi against the US dollar in the first quarter of 2017, and net operation income of $0.6 million, but partly offset by general and administrative expenses of $2.0 million, or income of $0.05 per diluted share. Compared to the financial results for the corresponding period in 2016, the net loss of $0.3 million mainly represented general and administrative expenses of $2.2 million, but partly offset by the interest income of $1.6 million earned from time deposits and net operation income of $0.2 million, or a loss of $0.01 per diluted share.
As the majority of our assets are denominated in Renminbi, the translation of Renminbi-denominated assets to US dollars for reporting purposes has resulted in foreign exchange gain in this quarter. Due to fluctuations in the exchange rate of Renminbi against the US dollar, foreign exchange gain for the first quarter of 2017 was $0.8 million, or amounting to approximately 47% of our net income for this period. However, since the majority of our payment obligations are also denominated in Renminbi, we do not expect the movement of Renminbi against the US dollar to materially and adversely impact our business.
Capitalization on project investment was $1.4 million for Q1 2017 and our accumulated project investment was $39.4 million up to March 31, 2017, which was recorded under the account of real estate properties under development in the balance sheet as at March 31, 2017.
Our business of land development is currently in the preparatory stage where it takes time to apply for and obtain the relevant licences from the PRC government. During this period, our only sources of income are limited deposit interest and rental income; therefore, we expect to continue to incur losses in the meantime.
Please see the Company's Condensed Consolidated Statements of Comprehensive Income beginning on page 7 below for further details. This information has also been published on the Company's website at http://www.namtai.com/investors#investors/quarterly_earnings in the quarterly earnings report of Q1 2017.
COMPANY OUTLOOK
With respect to the development of "Inno Park" and "Inno City" in Shenzhen, the PRC, the construction permit application processes are proceeding smoothly and every related step is progressing on schedule and within the Company's expectations.
As part of our preparation for the development of "Inno Park", the Company is pleased to report that, following our internal team's close collaboration with the external project management company (WSP Parsons Brinckerhoff), quantity surveyor (Currie & Brown) and architectural design firm (Ronald Lu and Partners) on the construction drawing design and organization of the tender for the general construction contractor, the main construction contractor will be selected and ready to be engaged and commence work in the beginning of 2018. As the construction work will start ahead of schedule, the groundbreaking ceremony for the construction of the basement area will be held on May 5, 2017.
As part of our preparation for the development of "Inno City", the PRC Government has verbally agreed and approved the construction of Phase I and II of "Inno City" to be combined together as one single project and the Company is currently waiting for the official approval from the PRC Government. This could significantly lower the costs and shorten the time of the construction. The Company will select one architectural design firm out of four potential candidates; the selection of the project management company and quantity surveyor is still in progress, but they are expected to be engaged and commence work before July 2017. As the Inno City Project will commence ahead of schedule, the Company is required to demolish all the old factory buildings between October to December 2017; as such, the Company purchased new office premises for a total amount of $13.5 million in April 2017.
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