RTTNews | Mar 5, 2021 10:08AM EST

10:08 Friday, March 5, 2021 (RTTNews.com) - Alset EHome International Inc. (AEI) are gaining nearly 28% on Friday morning. The company announced full-year results of its majority-owned Singapore subsidiary, Alset International Ltd.

AEI is currently trading at $13.60, up $2.95 or 27.70%, on the Nasdaq.

Alset International recorded a net profit of $45.0 million for full year 2020, a significant turnaround from a net loss of $10.2 million last year.

Revenues declined 24.0% year-on-year to $17.6 million, mainly attributable to a decline in revenue generated from the Ballenger Run project in Frederick, Maryland and no revenue from Alset International's Lakes at Black Oak project near Houston, Texas.

Alset International's other income increased by $52.0 million to $52.9 million, driven mainly by a $50.5 million gain on the disposal of Impact Biomedical, Alset International's Biomedical arm.

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