Yanlord Q4 profit jumps 85%

YANLORD Land Group's fourth quarter net profit leapt 85 per cent year on year, from higher fair value gains on investment properties.

Net profit for the three months ended Dec 31, 2013, was 1.1 billion yuan (S$227.3 million) or 56.1 fen per share, against the year-ago 590 million yuan or 30.26 fen per share. Other operating income during the quarter was 597 million yuan, 153 per cent higher than the prior year period, primarily due to higher fair value gains, Yanlord said. Also boosting the bottom line was 92.8 million yuan in share of profit of jointly controlled entities, reversing from a 2.23 million yuan loss a year earlier.

For the full year, Yanlord's net profit fell 19 per cent to 1.47 billion yuan, primarily due to lower other operating income, higher administrative expenses and higher finance costs. This was partially offset by higher gross profits and share of profit from jointly controlled entities.