China Merchants Property's profit skyrockets 178.98% in Q3

Oct. 29, 2009 (China Knowledge) - China Merchants Property Development Co Ltd<000024><200024> on Tuesday said that its net profit for the third quarter of this year was RMB 474.08 million, up 178.98% year on year, and that its total operating revenue skyrocketed 419.9% year on year, hitting RMB 2.41 billion, sources reported.

Earnings per share were RMB 0.276 in the third quarter.

In the period from January to September, the Shenzhen-listed firm reaped RMB 960.92 million in net profit, 147.24% more than in the same period of last year. The firm's total operating revenue hit RMB 5.29 billion, reflecting an amazing growth of 176.71%. Earnings per share grew 62.32% to RMB 0.56.

The real estate developer's total assets were RMB 42.45 billion as of Sep. 30, up 13.39% from RMB 37.44 billion at the end of last year.

The company aims to start 2.47 million square meters of properties this year, 120% more than the 1.12 million sq m originally planned.