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Kai Yuan reverts to profit its previous FY'17 loss forecast

Kai Yuan Holdings Ltd. is expecting to record a profit attributable to shareholders instead of a loss for the year ended Dec. 31, 2017.

The Hong Kong-listed company is reversing its earlier projection that it will record a loss, due to the one-off income tax credit for the 2017 financial year that arose from the deferred tax liability coming from the purchase of the Paris Marriott Hotel Champs-Elysees.

The company said in a filing the deferred tax liability decrease was recognized because of France's reduced rates in corporate income tax.