Wachovia Industrial & Merchants (00459.HK) announced that based on a preliminary review of the Group's unaudited consolidated management accounts for the first 11 months of this year, it recorded a consolidated net profit attributable to equity holders of approximately $45 million, and based on the information available to the Group, it is expected that the Group will record a consolidated net profit attributable to equity holders for the year ended December, compared with a consolidated net loss of approximately $7 million for equity holders in the same period last year.

The company expects to turn losses into profits mainly due to a significant year-on-year increase in operating profit in the first 11 months of the group's agency business, through the implementation of a series of strategic measures, including restructuring the management team, the Group was able to increase its market share and seize the rebound in the non-residential property market in Hong Kong; and the operating profit of the Group's lending business increased year-on-year in the first 11 months.