Crocodile Garments says it expects to record a profit for the six months to the end of January.

This follows a consolidated loss for the same period a year earlier.

The turnaround is primarily the result of a substantial increase in revaluation gain of the group’s investment properties and the improving performance of its garment business.

The board of directors says the group is expected to record an unaudited interim consolidated profit within the range of HK$63 million (US$8.03 million) to $68 million, compared to the consolidated loss of about $3.2 million 12 months earlier.

It says the information is based only on a preliminary assessment by the group’s management. The unaudited interim results are expected to be published late this month.