Developer's profit rises 66pc to 4.5b yuan

Business | Avery Chen 1 Nov 2018

Mainland property developer Guangzhou R&F Properties (2777) yesterday said its net profit for the first nine months this year increased by 66.7 percent year-on-year to 4.5 billion yuan (HK$5.07 billion).

Revenue of the company rose by 63.7 percent to 45.11 billion yuan during the period, while basic earnings per share was 1.39 yuan per share.

The real estate developer's contracted sales were 86.96 billion yuan with 6,607,400 square meters sold, up 46 percent and 45 percent year-on-year respectively for the nine months ended September 2018.

Its contracted sales in September amounted to 10.28 billion yuan, up 11 percent monthly or 39 percent yearly, with 788,400 sq m of gross floor area, up 7 percent month-on-month or 54 percent year-on-year.

Shares of R&F rose by 1.99 percent to HK$12.3 yesterday.

Also, China National Building Material (3323) said that its net profit for the first nine months jumped 1.2 times to 7.66 billion yuan.

Total operating revenues rose by 21.54 percent to 156.8 billion.

Shares of the company rose 6.67 percent to HK$5.6 yesterday.

In other news, China Zhongwang's (1333) said its net profit rose by 7 percent to 2.51 billion yuan for the first three quarters of this year over the same period last year.

The fabricated aluminium products developer recorded revenues of 16.36 billion yuan, up by 28.7 percent during the period.

For the third quarter, the company's net profit increased by 14.6 percent yearly to 1.24 billion yuan, while its revenues totaled 7.03 billion, up 30.4 percent.

Lu Changqing, chairman and president of China Zhongwang said the firm will stay committed to its core business, promote the application of the ecological aluminium, and facilitate light-weight development in both upstream and downstream sectors in the future.

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