Poly Property profit rises to 3.8b yuan

Business | 22 Aug 2019 2:50 pm

Mainland developer Poly Property (0119) said interim net profit surged by 5.02 times from a year ago to 3.84 billion yuan (HK$4.26 billion).

Revenue grew by 1.5 times compared with the year-before to 17.49 billion yuan, with the delivery and recognition of Kai Tak Vibe Centro project.

Contracted sales were 19.9 billion yuan, taking up 47 percent of its full-year sales target.

Poly has scheduled to launch about 60 percent of saleable resources in the second half and has confidence that the annual sales target of 42 billion yuan will be achieved.

Shares of Poly gained by 1.43 percent to HK$2.83 as of 14:00.

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