Wednesday, May 16, 2012

Yanlord Land's Q1 net profit falls 49%

Business Times: Tue, May 15
CHINA'S high-end developer, Yanlord Land Group, recorded a 49 per cent year-on-year slump in net profit for the first quarter ended March 31 to 135.6 million yuan (S$27 million) as it delivered fewer units in the period.

Revenue fell 84 per cent to 466 million yuan, as the gross floor area delivered declined to 10,499 square metres in the first quarter from 185,056 sq m in the year-ago period.

Yanlord chairman and CEO Zhong Sheng Jian said net profit in the first quarter was affected by the group's project delivery schedule.

"We expect to recognise most of our current pre-contracted sales in the subsequent financial periods, which will drive our performance for FY2012," he said.

Basic earnings per share for the group slid to 6.96 fen in the first quarter from 13.78 fen in the same quarter last year...

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