Yanlord Land posts 10.5% rise in 9M net profit to $229m

Yanlord Land Group, the real-estate developer focused on developing high-end integrated commercial and residential property projects in high-growth cities in China, says net profit for the period from 1st January to 30th September 2010 (9M 2010) rose 10.5% to $228.7 million from $207.0 million in 9M 2009.

Recognised revenue in 9M 2010 was lower at $1,322.5 million compared to $1,385.6 million in 9M 2009 owing to a smaller GFA delivered in line with the group’s delivery schedule. However, increased delivery of wholly-owned projects in 9M 2010 drove net profit attributable to equity holders of the company up 10.5% to $228.7 million from $207.0 million in 9M 2009. Reflecting this increase, net attributable profit margin rose to 17.3% from 14.9% in 9M 2009.

The delivery of apartment units in Yanlord Riverside City (Phase 3) in Tianjin, Yanlord Peninsula (Apartment – Phase 2) in Suzhou and Yunjie Riverside Gardens (Phase 2) in Shanghai, represented 46.3%, 27.3%, 8.4% and 8.1% respectively of the group’s gross revenue from properties sold in 9M 2010. GFA recognised in 9M 2010 was 292,421 sqm while the average selling price (ASP) was higher at RMB22,169 per sqm ($4,297 per sqm) in 9M 2010.

As at 30 September 2010, the group had total pre-contracted sales of $950.1 million which will be progressively recognised as revenue in subsequent financial periods. Attributable to the Group’s prudent financial policies, Yanlord remains in a strong financial position with cash and bank balances of $1.14 billion as at 30 September 2010.

Source : The Edge – 10 Nov 2010

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