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Yanlord Land's Q2 net profit up 43%

CHINA-BASED property developer Yanlord Land Group posted a net profit of 462.5 million yuan (S$94.4 million) for its second quarter ended June 30, up 43 per cent from a year ago.

This group said that its rise in profit was mainly due to the change in product mix composition to include a large percentage of higher-profit-margin projects as well as the increase in revenue from sales of car parks.

Revenue, however, went down 42 per cent to 4.28 billion yuan, due to a decline in the gross floor area delivered to customers, in line with the group's delivery schedule.

Earnings per share for the quarter was 23.88 fen, up from 16.62 fen a year ago.

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No dividend was declared.

In its outlook, the group said that volatilities in the global financial markets, coupled with policy headwinds arising from austerity measures introduced by China's central government, may serve to slow the rapid growth of new land tender prices and help to maintain a stable and sustainable development of the property sector over the longer term.

It added that barring unforeseen circumstances, the group is confident of its performance relative to the industry trend for the next reporting period and the next 12 months based on the number of pre-sale units to-date, expected delivery schedules and on-schedule construction works in progress.