Yanlord H1 profit falls 59% to 492.9m yuan

CHINESE property developer Yanlord Land Group posted a 59 per cent drop in net profit to 492.9 million yuan (S$97.5 million) for its half year ended June 30, 2020, from 1.19 billion yuan a year ago.

This was mainly due to a change in the composition of its product mix, the company said in a regulatory filing late on Wednesday night.

Earnings per share stood at 25.52 fen for the half year, down from 61.52 fen in the preceding year.

Revenue for H1 2020 rose 18 per cent to 9.12 billion yuan, from 7.71 billion yuan a year earlier. This was primarily attributable to the increase in gross floor area delivered to customers, which was partly offset by the decrease in average selling price per square metre, Yanlord said.

No dividend has been declared for the period under review, unchanged from a year ago, as the group generally recommends dividend on an annual basis.

Yanlord shares closed flat at S$1.27 on Wednesday, before its results announcement.