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Polytec Asset expects YOY increase in FY'17 profit

Hong Kong-based real estate investor Polytec Asset Holdings Ltd. estimates to log a "significant" year-over-year rise in profit for the 2017 full-year, based on a preliminary review of its unaudited consolidated management accounts of the group.

The increase is projected in light of income collected from Polytec's La Marina development project in Macau, following the deduction of an impairment loss made for the oil production and exploitation assets at the company's South Alibek Oilfield in Kazakhstan and a reversal of deferred tax assets, according to a release.

Results for the year ended Dec. 31, 2017, are set to be published in late March.