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Yanlord Land earnings jumps 61.3% to 1.01 billion yuan

REAL estate developer Yanlord Land Group recorded a 61.3 per cent increase in its third-quarter profit, on the back of significantly more gross floor area sold and higher average selling price per square metre.

The China-based developer reported 1.01 billion yuan (S$201 million) in net profit for the three months ended September, up from 627.5 million yuan in the corresponding period a year ago. Earnings per share rose to 52.41 fen from 32.41 fen.

Revenue was 5.71 billion yuan for the quarter, or 52 per cent higher than the 3.76 billion yuan posted a year ago.

Net asset value as at Sept 30 stood at 12.81 fen, up from 11.77 fen as at Dec 31 last year for the group, which focuses on high-end integrated commercial and residential property projects in high-growth cities in China.

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For the nine months ended September, net profit jumped 62.4 per cent year-on-year from 2.02 billion yuan to 3.29 billion yuan. Revenue rose 57.1 per cent from 14.4 billion yuan to 22.6 billion yuan during this period.

Earnings per share for the nine months was 170.21 fen, which improved from 104.46 fen.

Yanlord Land rose two Singapore cents to S$1.28 before results were announced.