SHENZHEN, China, May 2, 2017 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced its unaudited results for the first quarter ended March 31, 2017.

KEY HIGHLIGHTS
(In thousands of US dollars, except per share data, percentages and as otherwise stated
)



                                                          Quarterly Results
                                                          -----------------

                                                               Q1 2017                                Q1 2016                YoY(%)(b)
                                                               -------                                -------                 --------

    Operation income                                                            $594                                    $654           (9)
    ----------------                                                            ----                                    ----           ---

    Net operation income                                                        $594                                    $204           191
    --------------------                                                        ----                                    ----           ---

                       % of operation income                                  100.0%                                  31.2%
                       ---------------------                                   -----                                    ----

    Operating loss                                                          $(1,390)                               $(2,019)            -
    --------------                                                           -------                                 -------           ---

                       % of operation income                                (234.0%)                               (308.7%)
                       ---------------------                                 -------                                 -------

                         per share (diluted)                                 $(0.04)                                $(0.06)            -
                          ------------------                                  ------                                  ------           ---

    Net income (loss) (a)                                                     $1,814                                  $(341)            -
    --------------------                                                      ------                                   -----           ---

                       % of operation income                                  305.4%                                (52.1%)
                       ---------------------                                   -----                                  ------

    Basic income (loss) per
     share                                                                     $0.05                                 $(0.01)            -
    -----------------------                                                    -----                                  ------           ---

    Diluted income (loss) per
     share                                                                     $0.05                                 $(0.01)            -
    -------------------------                                                  -----                                  ------           ---

    Weighted average number of shares ('000)
    ----------------------------------------

    Basic                                                                     36,466                                  36,700
    -----                                                                     ------                                  ------

    Diluted                                                                   36,990                                  36,700
    -------                                                                   ------                                  ------


    Notes:

    (a)     Net income for the three months ended March 31, 2017 mainly included interest income of $2.5 million earned
     from time deposits, exchange gain of $0.8 million as a result of the appreciation of Renminbi against the US dollar in
     Q1 2017 and net operation income of $0.6 million, but partly offset by general and administrative expenses of $2.0
     million. Further details can be found in the "Operating Results" section on page 2 below.

    (b)     Percentage change is not applicable if either of the two periods contains a loss.

    (c)      Capitalization on project investment was $1.4 million for Q1 2017 and our accumulated project investment was
     $39.4 million up to March 31, 2017, which was recorded under the account of real estate properties under development in
     the balance sheet as at March 31, 2017.

    (d)     This information has been published on the Company's website http://www.namtai.com/investors#investors/
     quarterly_earnings under the quarterly earnings report of Q1 2017, "Condensed Consolidated Statements of Comprehensive
     Income" beginning on page 7.

SUPPLEMENTARY INFORMATION (UNAUDITED) IN THE FIRST QUARTER OF 2017

Key Highlights of Financial Position



                                                                                                                                        As at March 31, 2017                                        As at December 31, 2016                                       As at March 31, 2016

    Cash, cash equivalents and short term investments                                                                                                       $182.7 million(a)                                                $184.2 million(a)                                         $207.5 million
    -------------------------------------------------                                                                                                        ----------------                                                 ----------------                                         --------------

    Ratio of cash(b) to current liabilities                                                                                                                             18.15                                                             14.79                                                   35.26
    ---------------------------------------                                                                                                                             -----                                                             -----                                                   -----

    Current ratio                                                                                                                                                       20.47                                                             16.63                                                   39.39
    -------------                                                                                                                                                       -----                                                             -----                                                   -----

    Ratio of total assets to total liabilities                                                                                                                          24.79                                                             19.98                                                   46.07
    ------------------------------------------                                                                                                                          -----                                                             -----                                                   -----

    Return on equity                                                                                                                                                     3.1%                                                           (3.8%)                                                 (0.5%)
    ----------------                                                                                                                                                      ---                                                             -----                                                   -----

    Ratio of total liabilities to total equity                                                                                                                           0.04                                                              0.05                                                    0.02
    ------------------------------------------                                                                                                                           ----                                                              ----                                                    ----


    Notes:

    (a)     Compared with December 31, 2016, the decrease of $1.5 million in the cash, cash equivalents and short term investments as at March 31, 2017 was mainly due to $1.4 million capitalized for land development project, which was recorded under the account of real
     estate properties under development in the balance sheet as at March 31, 2017.

    (b)     Cash in the financial ratio included cash, cash equivalents and short term investments in the amount of $182.7 million, $184.2 million and $207.5 million as at March 31, 2017, December 31, 2016 and March 31, 2016, respectively.

OPERATING RESULTS

Operation income for the first quarter of 2017 and the corresponding quarter of last year were mainly derived from properties and lands located in Shenzhen, the PRC. Operating loss for the first quarter of 2017 was $1.4 million, a decrease of $0.6 million, compared to operating loss of $2.0 million for the first quarter of 2016.

Net income for the first quarter of 2017 was $1.8 million and mainly represented interest income of $2.5 million earned from time deposits, exchange gain of $0.8 million as a result of the appreciation of Renminbi against the US dollar in the first quarter of 2017, and net operation income of $0.6 million, but partly offset by general and administrative expenses of $2.0 million, or income of $0.05 per diluted share. Compared to the financial results for the corresponding period in 2016, the net loss of $0.3 million mainly represented general and administrative expenses of $2.2 million, but partly offset by the interest income of $1.6 million earned from time deposits and net operation income of $0.2 million, or a loss of $0.01 per diluted share.

As the majority of our assets are denominated in Renminbi, the translation of Renminbi-denominated assets to US dollars for reporting purposes has resulted in foreign exchange gain in this quarter. Due to fluctuations in the exchange rate of Renminbi against the US dollar, foreign exchange gain for the first quarter of 2017 was $0.8 million, or amounting to approximately 47% of our net income for this period. However, since the majority of our payment obligations are also denominated in Renminbi, we do not expect the movement of Renminbi against the US dollar to materially and adversely impact our business.

Capitalization on project investment was $1.4 million for Q1 2017 and our accumulated project investment was $39.4 million up to March 31, 2017, which was recorded under the account of real estate properties under development in the balance sheet as at March 31, 2017.

Our business of land development is currently in the preparatory stage where it takes time to apply for and obtain the relevant licences from the PRC government. During this period, our only sources of income are limited deposit interest and rental income; therefore, we expect to continue to incur losses in the meantime.

Please see the Company's Condensed Consolidated Statements of Comprehensive Income beginning on page 7 below for further details. This information has also been published on the Company's website at http://www.namtai.com/investors#investors/quarterly_earnings in the quarterly earnings report of Q1 2017.

COMPANY OUTLOOK

With respect to the development of "Inno Park" and "Inno City" in Shenzhen, the PRC, the construction permit application processes are proceeding smoothly and every related step is progressing on schedule and within the Company's expectations.

As part of our preparation for the development of "Inno Park", the Company is pleased to report that, following our internal team's close collaboration with the external project management company (WSP Parsons Brinckerhoff), quantity surveyor (Currie & Brown) and architectural design firm (Ronald Lu and Partners) on the construction drawing design and organization of the tender for the general construction contractor, the main construction contractor will be selected and ready to be engaged and commence work in the beginning of 2018. As the construction work will start ahead of schedule, the groundbreaking ceremony for the construction of the basement area will be held on May 5, 2017.

As part of our preparation for the development of "Inno City", the PRC Government has verbally agreed and approved the construction of Phase I and II of "Inno City" to be combined together as one single project and the Company is currently waiting for the official approval from the PRC Government. This could significantly lower the costs and shorten the time of the construction. The Company will select one architectural design firm out of four potential candidates; the selection of the project management company and quantity surveyor is still in progress, but they are expected to be engaged and commence work before July 2017. As the Inno City Project will commence ahead of schedule, the Company is required to demolish all the old factory buildings between October to December 2017; as such, the Company purchased new office premises for a total amount of $13.5 million in April 2017.

Part I: Summary of gross floor areas for the two projects:



                                     Inno Park                Inno City

                                Shenzhen, Guangming        Shenzhen, Gushu

                                     (Approved)               (Planned)
                                     ---------                --------

          Plot ratios                               2.59               6.00

        Gross floor area
        ("GFA") sq meters              Office                      175,406  Office + Soho        187,880

           Apartment                              61,000       Apartment                  48,300

           Commercial                             28,594       Commercial                 25,000

             Other                                 4,159         Other                     7,200

            269,159                              268,380

     Underground floor area                       66,649             80,000

           sq meters

           Total CFA
       (construction floor
         area) sq meters                         335,808            348,380

             Remark         The above Inno City's figures are subject
                            to adjustment upon the final approval of
                            the relevant authorities in China.
             ------         -----------------------------------------

Part II: Timetable for the two projects:



                                                    Main Certificates                          Estimated Completion Time
                                                    -----------------                          -------------------------

     Inno Park           Inno City                                         2017                        2018                     2019   2020   2021
     ---------           ---------                                         ----                        ----                     ----   ----   ----

                    A                       Land Use Permit                             Obtained                    Mar. 2018                      *

                                                                                       Jun 4, 2015

                    B                       Land Certificate                            Obtained                    Jun. 2018                      *

                                                                                      Sep 21, 2015

                    C                        Planning Permit of Construction
                                               Engineering                                Jul. 2017                   Jul. 2018             #          *

         D                   D1               Early Construction                          May. 2017                                  #
                                            Permit of Pile
                                            Foundation                                                              Nov. 2018                        *

         D2    Construction                               Nov. 2017                                                       #
               Permit for Project

         D3    Main Construction Acceptance               May. 2019                       Sep. 2020                                                    #      *

         D4    Completion Time                            Sep. 2019                       Jan. 2021                                                      #      *

                    E                       Real Estate Certificate                     Mar. 2020                   Jul. 2021                               #      *
                   ---                      -----------------------                     ---------                   ---------                              ---    ---

                 Remark                      1.      Number signs # represent "Inno Park", while stars * are for
                                               "Inno City".

                                             2.      Construction period, which is calculated from the date of
                                               obtaining Certificate B, is always three
                                                     years, including one year of design and two years of construction.

                                            3.      The construction of "Inno Park" has commenced from April 2017.

                                             4.      The construction of "Inno City" is expected to commence before
                                               December 2018.
    ---                                     ----------------------------------------------------------------------

Part III: Budgetary Estimate for the two projects:



                 Total Cost           Inno Park     Inno City

                (Million US$)
                ------------

        1     Construction Cost                 312           415
            ---

        2      Operation Cost                    69            43
       ---     --------------                   ---           ---

           Total                              381           458
           -----                              ---           ---

                                 The total cost
                                   amount of
                                   $839 million
                                   for this
                                   Schematic
                                   Design
                                   Estimation
                                   for the two
                                   projects
                                   created by
                                   quantity
                                   surveyor
                                   (Currie &
                                   Brown) was
                                   based on a
                                   scheme from
                                   an
                                   architectural
                                   design firm
                                   with binding
                                   force on the
                                   relevant
                                   parties, and
                                   will be used
                                   for cost
                                   control
                                   including
                                   design,
                                   construction,
                                   operation,
           Remark                                                 etc.



                                 This
                                   estimation
                                   does not
                                   include the
                                   costs of land
                                   premium,
                                   interior
                                   design and
                                   marketing
                                   when the two
                                   projects are
                                   offered for
                                                                  sale.
    ---                         --------------

As for our Wuxi plant, the factory building continues to be listed for sale and we still expect it to be sold sometime during or within 2017. An auction is under preparation and we are currently preparing the concerned executive plan and looking for potential buyers. This auction is scheduled to complete in September 2017.

Appointment of Chief Executive Officer

Effective May 1, 2017, Mr. Julian Lin ("Mr. Lin"), will be appointed as Chief Executive Officer of the Company. He has worked with the Company as our chief external SEC counsel for 5 years and has familiarized himself with the finance, business and operations of Nam Tai Group. Mr. Lin has been practicing as an attorney for more than 15 years and has previously worked in one of the largest U.S. law firms in Hong Kong before joining the Company. His legal practice encompasses a broad range of capital markets, private equity, mergers and acquisitions. He has substantial experience in fundraising activities, both in the establishment of the funds and in their investment activities.

Due to his diverse legal experience, the Company is confident that Mr. Lin can assume the position of Chief Executive Officer to advise on the legal aspects of the Company's construction projects and to support the continuous growth of the Company.

Potential Risks in our business

We currently derive a majority of our income from rental and interest income but please note that our rental income will cease after October 2017. Since 2016, we have seen a stabilizing trend on the benchmark interest rates in China. However, due to the current economic conditions in China, we expect the People's Bank of China to keep Renminbi-denominated official time deposit interest rates in China at a low level throughout 2017. With this lower interest rate and rental income, we expect to continue to incur operating losses in 2017 and beyond.

As the majority of our assets are denominated in Renminbi, the translation of Renminbi-denominated assets to US dollars for our reporting purposes has resulted in foreign exchange gain in this quarter. As such, we do expect to see fluctuations in the reporting of foreign exchange loss/gain in the financial statements due to the movement of Renminbi against the US dollar. Nevertheless, as a majority of our payments are in Renminbi, we also do not expect the movement of Renminbi against the US dollar to adversely impact our business.

In order for the Projects to proceed smoothly and start ahead of the schedule, it is necessary for the Company to negotiate with banks for the implementation of funds needed to assist in future development of the Projects.

As of end of March, 2017, we had a total cash balance of $182.7 million and no debt. With our current cash position, we believe our finances remain healthy to fund the initial stages of these property development projects for the coming one and half years. All of our land development related applications are subject to government policies and regulations in the real estate market. As this is our first venture into land development projects after the cessation of our LCM business, we may encounter industry-specific difficulties that result in losses as we progress with our projects in Shenzhen. As we are currently in the planning stage for our property projects and can only generate limited income from deposit interest income and rental income, we will continue to record operating losses. Cash on hand is expected to decrease continuously, but most of the expenses incurred will be for project development, which will be capitalized as real estate properties under development (non-current asset) on our balance sheet. For more information on risks in our business, please refer to the Risk Factors section of our 2016 Annual Report on Form 20-F as filed with the SEC and on our website.

According to our project development plan, project investment for Q2 2017 is estimated to be $7.5 million, and project investment for the year of 2017 is estimated to be $60 million.

The information contained in or that can be accessed through the website mentioned in this announcement does not form part of this announcement.

PAYMENT OF QUARTERLY DIVIDENDS FOR 2016 AND 2017

As announced on December 12, 2016, the Company had set the payment schedule of quarterly dividends for 2017. The dividend for Q2 2017 was paid on April 20, 2017.

The following table updates the previously announced schedule for declaration and payment of quarterly dividends in 2017.



     Quarterly
     Payment   Record Date           Payment Date          Dividend (per share)    Status
     --------- -----------           ------------           -------------------    ------

    Q1
     2017      December 31, 2016     January 20, 2017                        $0.07   PAID
    -----      -----------------     ----------------                        -----   ----

    Q2
     2017      March 31, 2017        April 20, 2017                          $0.07   PAID
    -----      --------------        --------------                          -----   ----

    Q3
     2017      June 30, 2017         July 20, 2017                           $0.07
    -----      -------------         -------------                           -----

    Q4
     2017      September 30, 2017    October 20, 2017                        $0.07
    -----      ------------------    ----------------                        -----

                                  Total for Full Year 2017                $0.28
                                  ------------------------                -----

The Company's decision to continue making dividend payments in 2017 as set out and confirmed in the above table does not necessarily mean that cash dividend payments will continue thereafter or at the same amount. Whether future dividends after 2017 are to be declared will depend upon Company's future growth and earnings at each relevant period, of which there can be no assurance, and the Company's cash flow needs for business operations and transformation. Accordingly, there can be no assurance that cash dividends on the Company's common shares will be declared beyond those declared for 2017, and we also cannot assure you what the amounts of such dividends will be or whether such dividends, once declared for a specific period, will continue for any future period, or at all.

PROPOSED SCHEDULE OF RELEASE OF QUARTERLY FINANCIAL RESULTS FOR 2017

To maintain the efficiency of delivering the Company's quarterly financial results to the market, the Company's management has decided to follow approximately the same schedule in 2016 for its release of the 2017 quarterly financial results. Details of the expected quarterly release dates are as follows:



    Announcements of Financial Results
    ----------------------------------

    Quarter                     Date of release
    -------                     ---------------

    Q1 2017                     May 2, 2017 (Tuesday)
    -------                     --------------------

    Q2 2017                     July 31, 2017 (Monday)
    -------                     ---------------------

    Q3 2017                     October 30, 2017 (Monday)
    -------                     ------------------------

    Q4 2017                     January 29, 2018 (Monday)
    -------                     ------------------------

FORWARD-LOOKING STATEMENTS AND FACTORS THAT COULD CAUSE OUR SHARE PRICE TO DECLINE

Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "plan", "seek" or "believe". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activities, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, delay in the Company's ability to obtain all requisite permits and approvals from relevant government authorities in relation to the redevelopment of two parcels of properties in Gushu, Shenzhen, and Guangming, Shenzhen, respectively, and the successful redevelopment of the two parcels of properties; the sufficiency of the Company's cash position and other sources of liquidity to fund its property developments; continued inflation and appreciation of the Renminbi against the US dollar; rising labor costs in China and changes in the labor supply and labor relations. In particular, you should consider the risks outlined under the heading "Risk Factors" in our most recent Annual Report on Form 20-F and in our Current Report filed from time to time on Form 6-K. The Company's decision to continue dividend payments in 2017 does not necessarily mean that dividend payments will continue thereafter. Whether future dividends will be declared depends upon the Company's future growth and earnings, of which there can be no assurance, as well as the Company's cash flow needs for further expansion. Accordingly, there can be no assurance that cash dividends on the Company's common shares will be declared beyond those declared for 2017, what amount those dividends may be or whether such dividends, once declared for a specific period, will continue for any future period, or at all; and whether we will purchase any of our shares in the open markets or otherwise. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstance occurring after the date of this release or those that might reflect the occurrence of unanticipated events.

ABOUT NAM TAI PROPERTY INC.

We are a real estate developer. We hold two parcels of land located in Gushu and Guangming, Shenzhen, China. We are converting these two parcels of land that formerly housed the manufacturing facilities of our prior businesses into high-end commercial complexes. We expect we will derive our principal income in the future from rental income from these commercial complexes.

Nam Tai Property Inc. is a corporation registered in the British Virgin Islands and listed on the New York Stock Exchange (Symbol: "NTP").

Please refer to the Nam Tai website (www.namtai.com) or the SEC website (www.sec.gov) for Nam Tai press releases and financial statements.



    NAM TAI PROPERTY INC.

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
     (UNAUDITED)
    ---------------------------------------------------------

    FOR THE PERIODS ENDED MARCH 31, 2017 AND 2016

    (In Thousands of US dollars except share and per share data)


                                                          Three months
                                                                ended
                                                           March 31,

                                                                      2017     2016


    Operation income(1)                                               $594     $654

    Operation expense                                                    -     450
                                                                       ---     ---


    Net operation
     income                                                            594      204


    Costs and expenses

    General and
     administrative
     expenses                                                        1,984    2,223
                                                                             -----

                                                                     1,984    2,223


    Operating loss                                                 (1,390) (2,019)


    Other income,
     net(2)                                                            728       83

    Interest income                                                  2,476    1,595
                                                                             -----


    Income (loss)
     before income tax                                               1,814    (341)

    Income tax                                                           -       -
                                                                               ---


    Consolidated income
     (loss)                                                          1,814    (341)

    Other comprehensive
     income                                                              -       -
                                                                               ---

    Consolidated
     comprehensive
     income (loss) (3)                                              $1,814   $(341)
                                                                    ======    =====


    Income (loss) per
     share

    Basic                                                            $0.05  $(0.01)

    Diluted                                                          $0.05  $(0.01)


    Weighted average
     number of shares
     ('000)

    Basic                                                           36,466   36,700

    Diluted                                                         36,990   36,700


    Notes

    (1) The property at phase 2 in Gushu has been rented to a
     third party lessee with a term of three and a
    half years since May 2014.

    (2) Other income, net, included exchange gain of $0.8 million
     for the three months ended March 31, 2017.

    (3) Consolidated comprehensive income for the three months
     ended March 31, 2017 mainly included interest
    income of $2.5 million earned from time deposits, exchange
     gain of $0.8 million as a result of the appreciation
    of Renminbi against the US dollar in Q1 2017 and net operation
     income of $0.6 million, but partly offset by
    general and administrative expenses of $2.0 million.

    NAM TAI PROPERTY INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    ------------------------------------------------

    AS AT MARCH 31, 2017 AND DECEMBER 31, 2016

    (In Thousands of US dollars)

                                                              March 31,                    December 31,

                                                                               2017                     2016

    ASSETS

    Current assets:

     Cash and cash
      equivalents(1)                                                        $73,184                  $94,558

     Short term investments(1)                                              109,522                   89,624

    Prepaid expenses and other
     receivables (3)                                                          4,279                    4,034

    Assets held for sale                                                     19,080                   18,970

    Total current assets                                                    206,065                  207,186
                                                                            -------                  -------


    Real estate properties
     under development, net(2)
     (3)                                                                    39,395                   37,779

    Property, plant and
     equipment, net(3)                                                        3,996                    3,735

    Other assets(3)                                                             102                      101

    Total assets                                                           $249,558                 $248,801
                                                                           --------                 --------


    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current liabilities:

     Accounts payable(3)                                                       $708                     $845

    Accrued expenses and other
     payables(3)                                                              1,690                    1,405

    Dividend payable                                                          7,669                   10,205

                Total current liabilities                                    10,067                   12,455
                                                                             ------                   ------


    EQUITY

    Shareholders' equity:

       Common shares                                                            365                      364

       Additional paid-in capital                                           242,341                  241,536

       Retained earnings                                                      8,406                    6,607

       Accumulated other
        comprehensive loss(4)                                              (11,621)                (12,161)
                                                                            -------                  -------

           Total shareholders' equity                                       239,491                  236,346
                                                                            -------                  -------

           Total liabilities and
            shareholders' equity                                           $249,558                 $248,801
                                                                           --------                 --------


    Note:

    (1)     According to the definition of "Balance Sheet" under the Financial Accounting
    Standard Board ("FASB") Accounting Standards Codification ("ASC") 210-10-20, cash
    equivalents are short-term, highly liquid investments that are readily convertible to cash.
    Only investments with original maturities of three months or less when purchased qualify
    under that definition. Therefore, the fixed deposits maturing over three months in amount
    of $109.5 million and $89.6 million as at March 31, 2017 and December 31, 2016,
    respectively, are not classified as cash and cash equivalents but are separately
    disclosed as short term investments in the balance sheet.


    (2)     Capitalization on project investment was $1.4 million for Q1 2017, and our accumulated
    project investment was $39.4 million up to March 31, 2017.


    (3)     Certain comparative amounts have been reclassified to conform with the current period's
    presentation and disclosure.


    (4)     Accumulated other comprehensive loss represented foreign currency
    translation adjustment.



    NAM TAI PROPERTY INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    ----------------------------------------------------------

    FOR THE PERIODS ENDED MARCH 31, 2017 AND 2016

    (In Thousands of US dollars)

                                                                                                           Three months ended

                                                                                                               March 31

                                                                                                           2017           2016
                                                                                                           ----           ----

    CASH FLOWS FROM OPERATING ACTIVITIES

    Consolidated net income (loss)                                                                       $1,814         $(341)
    -----------------------------

    Adjustments to reconcile net income (loss) to net cash used in operating
    activities:

    Depreciation and amortization of property, plant and equipment, land                                     76          1,004
      use rights and other assets

    Gain on disposal of property, plant and equipment                                                      (19)             -

    Share-based compensation expenses                                                                       240              -

    Unrealized exchange gain                                                                              (221)             -

    Changes in current assets and liabilities:

    Increase in prepaid expenses and other receivables                                                    (242)         (231)

    Increase (decrease) in accrued expenses and other payables(1)                                           276           (11)

    Total adjustments                                                                                       110            762
                                                                                                            ---            ---

    Net cash provided by operating activities                                                            $1,924           $421
                                                                                                         ------           ----


    CASH FLOWS FROM INVESTING ACTIVITIES

    Payment of real estate properties under development(1)                                             $(1,405)      $(1,047)

    Purchase of property, plant & equipment(1)                                                            (116)          (52)

    Decrease in deposits for real estate properties under development(1)                                     20            476

    (Increase) decrease in deposits for purchase of property, plant and                                   (217)             5
        equipment(1)

    Proceeds from disposal of property, plant and equipment                                                  19              -

    Cash received from finance lease receivable                                                               -         1,048

    Increase in short term investments                                                                 (19,891)      (10,682)
                                                                                                        -------        -------

    Net cash used in investing activities                                                             $(21,590)     $(10,252)
                                                                                                       --------       --------


    CASH FLOWS FROM FINANCING ACTIVITIES

    Cash dividends paid                                                                                $(2,551)        $(734)

    Proceeds from options exercise                                                                          403              -

    Net cash used in financing activities                                                              $(2,148)        $(734)
                                                                                                        -------          -----


    Net decrease in cash and cash equivalents                                                         $(21,814)     $(10,565)

    Cash and cash equivalents at beginning of period                                                     94,558        157,371

    Effect of exchange rate changes on cash and cash equivalents and                                        440            (9)
    short term investments


    Cash and cash equivalents at end of period                                                          $73,184       $146,797
                                                                                                        =======       ========


    Note:

    (1)       Certain comparative amounts have been reclassified to conform with the current period's
    presentation and disclosure.



    NAM TAI PROPERTY INC.

    NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    ----------------------------------------------------

    FOR THE PERIODS ENDED MARCH 31, 2017 AND 2016

    (In Thousands of US dollars)


    1.      These financial statements, including the consolidated balance sheet as of December 31, 2016, which was
    derived from audited financial statements, do not include all of the information and notes required by U.S. generally
    accepted accounting principles for complete financial statements and should be read in conjunction with the
    consolidated financial statements and accompanying notes included in the Company's annual report on
    Form 20-F for the fiscal year ended December 31, 2016.


    2.      In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered
    necessary for a fair presentation have been included. Operating results for the interim periods presented are
    not necessarily indicative of the results that may be expected for the full year.


    3.      Accumulated other comprehensive loss represents foreign currency translation adjustments. The
    consolidated comprehensive income (loss) was $1,814 and $(341) for the three months ended March 31, 2017
    and 2016, respectively.


    4.      A summary of the operation income, other income, net, net income (loss) and long-lived assets by
    geographical areas is as follows:


                                                                                                                                         Three months ended

                                                                                                                                               March 31,

                                                                                                                                                               2017               2016
                                                                                                                                                               ----               ----

    OPERATION INCOME WITHIN:

    -PRC, excluding Hong Kong                                                                                                                                  $594               $654
                                                                                                                                                               ====               ====


    OTHER INCOME, NET:

    - Gain on exchange difference                                                                                                                              $847                 $1

    - Interest income from finance lease receivable                                                                                                               -                16

    - Loss from Wuxi operations                                                                                                                               (166)             (173)

    - Others                                                                                                                                                     47                239
                                                                                                                                                                ---                ---


    Total income (expenses), net                                                                                                                               $728                $83
                                                                                                                                                               ====                ===


    NET INCOME (LOSS) FROM OPERATIONS WITHIN:

    - PRC, excluding Hong Kong                                                                                                                               $(328)            $(925)

    - Hong Kong                                                                                                                                               2,142                584
                                                                                                                                                              -----                ---


    Total net income (loss)                                                                                                                                  $1,814             $(341)
                                                                                                                                                             ======              =====



                                                                                                                          March 31, 2017                            December 31, 2016
                                                                                                                          --------------                            -----------------

    LONG-LIVED ASSETS WITHIN:

     - Real estate properties under development in PRC, excluding                                                                                           $39,395            $37,779
    Hong Kong

     - Property, plant and equipment in PRC, excluding Hong Kong                                                                                                725                507

     - Hong Kong                                                                                                                                              3,271              3,228
                                                                                                                                                              -----              -----

    Total long-lived assets                                                                                                                                 $43,391            $41,514
                                                                                                                                                            =======            =======


To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nam-tai-property-inc-reports-q1-2017-results-300449413.html

SOURCE Nam Tai Property Inc.