Disposal boosts Agile bottom line

Business | Kevin Xu 22 Aug 2019

The gross profit of mainland developer Agile (3383) in the first six months ended June 30 slumped by nearly 20 percent year-on-year to 30.3 percent but its interim net profit surged by 35 percent to 5.08 billion yuan (HK$5.65 billion) due to a one-off disposal.

Agile declared an interim dividend of 60 HK cents per share, up by 20 percent from the year before. Revenue went up by 12 percent year-on-year to 27.1 billion yuan during the first half, and earnings per share were 1.308 yuan.

Meanwhile, China Vanke (2202) will take a cautious stance on acquiring land, and will focus on cities with population inflow and economic potential, said executive vice president Zhang Xu.

Zhang said the company invested 90.5 billion yuan to acquire new land plots, accounting for about 30 percent of its sales revenue.

Shares of China Vanke went up by 1.44 percent to HK$28.25.

Elsewhere, the chairman of Kaisa Property (2168), Liao Chuanqiang, said the construction of the Shenzhen demonstration pilot zone for socialism with Chinese characteristics is good news for the company, as its share price had increased by 4-5 percent after the announcement.

The mainland property manager announced its net profit for the six months ended June 30 surged 2.98 times year-on-year to 91.58 million yuan.

Central China Real Estate (0832) announced its net profit for the first half rose by 19.6 percent year-on-year to 658 million yuan. It declared an interim dividend of 15.6 HK cents.

Revenue for the six months surged by 90.1 percent from a year ago to 9.07 billion yuan, while contracted sales went up by 24.1 percent to 39.6 billion yuan.

Chief executive Yuan Xujun said the company will focus on tier-three and tier-four cities with greater potential.

In other news, mainland developer LVGEM (China) Real Estate Investment (0095) announced its net profit for the first half surged by 4.17 times to 991 million yuan (HK$1.09 billion), driven by growth in sales revenue from its major projects. No interim dividend was declared.

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