Pan Hong Property posts Q1 net profit

Mainboard-listed Pan Hong Property Group (PHP) has reported a 195.1 per cent year-on-year increase in its net profit for the first quarter ended June to RMB40.3 million, up from RMB13 million a year ago.

In a statement released on August 11, PHP said its revenue for the period also rose 29.5 per cent to RMB114.2 million, up from RMB88.1 million last year.

This was mainly attributed to the delivery of 35 commercial units at Nanchang Honggu Kaixuan and 19 commercial units at Huzhou Liyang Jiangyuan Phase 2.

The group also sold 16 units of 184 residential units of the Hua Chu Ting Yuan Phase.

But advertising and staff costs pushed the group’s sales expenses 97.2 per cent higher for the quarter, to RMB1.5 million from RMB781,000 in the same quarter last year.

PHP said it intends to quicken the pace of its property development in the next few years after having built up its land bank in the past years.

It also plans to intensify sales and pre-sales for its existing properties and seek opportunities for acquisitions and joint ventures.

The management added it will also monitor China’s property market closely and time the launches or its residential and commercial property well to secure healthy profit margins.

As at June 30, the group’s properties held under development increased to RMB1,473.5 million from RMB1,440.8 million in the previous.

Source : Channel NewsAsia – 12 Aug 2011

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