Novautek Technologies (HKG:0519) expects an attributable profit of around HK$11.4 million for the year ended June 30, compared with an attributable loss of HK$50.6 million a year prior, a Monday Hong Kong bourse filing said.

Shares of the resort and property business developer were up 29% in Tuesday afternoon trading.

The firm attributed the forecast to an increase in the fair value gain of its investment properties, a reversal of a provision, and a net gain on the disposal of financial assets at fair value through profit or loss.