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Source: China Knowledge China Knowledge

Gemdale's net profit surges 327.02% in H1

Published: 16 Aug 2010 20:30:31 PST
Aug. 17, 2010 (China Knowledge) - Gemdale Corp<600383>, one of the Chinese leading real estate developers, announced that its net profit surged 327.02% to RMB 1.23 billion in the first half of this year, sources reported.

In a statement filed with the Shanghai Stock Exchange, the Beijing-based property developer said that earnings per share for the six-month period ended June 30 jumped 285.7% year on year to RMB 0.27. The company attributed the surge in net profit to settlement of its sold properties.

In the first half of this year, Gemdale realized RMB 8.74 billion in operating revenue, 150.32% more than in the same period of last year, while operating profit was RMB 1.86 billion, up 150.32% year on year, according to the statement.

The company also revealed that contracted sales in the first seven months of this year dropped 41.6% year on year to RMB 6.46 billion, while its sales area decreased 44.9% to 572,100 sq m.

However, Gemdale iterated that the firm is confident in achieving the annual sales target of RMB 21 billion.

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