Yanlord H1 profit up 67% to 823.4m yuan

YANLORD Land Group's net profit rose 67 per cent to 823.4 million yuan (S$174.5 million) for the half-year ended June 2021, from 492.9 million yuan in the year-ago period.

Group revenue rose 45 per cent to 13.2 billion yuan in H1 FY2021. Property development contributed 86.3 per cent of the revenue, or about 11.4 billion yuan; 5.2 per cent came from property investment and hotel operations; and 3.2 per cent from property management.

The group attributed revenue growth for the period to the increase in gross floor area delivered to customers, which was partly offset by the fall in average selling price per square metre. The decrease was mainly due to the change in composition of its product mix delivered during the reporting period, it said.

Earnings per share stood at 42.63 fen for the period, compared to 25.52 fen a year ago.

In terms of gross floor area, the group sold 711,738 square metres of residential and commercial units, as well as 3,323 units of car parks in the six months ended June 2021.

Total rental and hotel income for the group rose 40.9 per cent to 692 million yuan in H1 FY2021, mainly due to strong recovery of domestic business travel and demand for hotels and serviced apartments in China.

On the back of strong recovery in China's real estate space, the group is looking to launch new projects and new batches of existing projects in the second half, in the regions of the Yangtze River Delta, Bohai Rim, Greater Bay Area, as well as central China.

Yanlord Land shares closed flat on Thursday, at S$1.13.