Yanlord's Q3 profit grows six-fold to 55.7m yuan

CHINESE property developer Yanlord Land Group's third-quarter net profit grew more than six-fold to 55.7 million yuan (S$12.44 million), or 0.0286 yuan per share, as it continued to deliver units in a Shenzhen project.

Net earnings for the nine months to September fell 16 per cent to 242.2 million yuan, or 0.1243 yuan per share.

Revenue tripled to three billion yuan during the quarter as the company recognised revenue from the inaugural delivery of the Yanlord Rosemite project in Shenzhen. That project contributed 65 per cent of gross revenue on property sales during the quarter.

Yanlord said it is confident of its "performance relative to the industry trend" for the next 12 months based on the number of pre-sale units to date, expected delivery schedules and on-schedule construction.

Yanlord shares closed at S$1.03 on Wednesday, lower by 1.9 per cent or two Singapore cents.