LVGEM project lift interim profit to 991m yuan

Business | 21 Aug 2019 7:24 pm

Mainland developer LVGEM (China) Real Estate (0095) said 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 major projects.

Revenue grew by 8.65 times to 2.98 billion yuan, accounting for 80 percent of its full-year target of 5 billion yuan. This was mainly attributable to sales of the residential buildings of LVGEM Mangrove Bay No1, which generated contracted sales of 4.09 billion yuan, up by 3.1 times from a year ago.

Tang Shouchun, executive director and chief executive of LVGEM said the integration of Shenzhen with Hong Kong and Macau will bring new opportunities.

Shares of LVGEM edged up by 0.74 percent to HK$2.72 today.

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