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Yanlord Land's Q3 profit soars to 564m yuan on higher average selling price
YANLORD Land Group's third-quarter net profit soared to 564.2 million yuan (S$116.7 million) - from 55.7 million yuan a year ago - on the back of significant increases in gross floor area delivered to customers and higher average selling price per square metre.
Revenue for the three months ended Sept 30, 2016, almost doubled to 5.5 billion yuan from the nearly three billion yuan in Q3 2015.
The growth in revenue was partly offset by the 12.9 million yuan loss incurred by an associate, that was mainly due to the finance cost incurred for acquisition of land parcels.
There was also a share of loss of joint ventures of 586,000 yuan mainly from the group's Sino-Singapore Nanjing Eco Hi-tech Island, an urban development project to be progressively completed in phases, as well as other joint ventures projects.
In its outlook, the group said there is "steadfast buyer demand for its high-quality residential developments".
As at end-September, it has received advances for pre-sale properties amounting to 25 billion yuan, with an accumulated pre-sale amount of 29.4 billion yuan.
The group added it will continue to launch new projects and new batches of its existing projects in Q4 2016.