Soho China profit slumps to 1.3b yuan

Business | 25 Mar 2020 3:17 pm

Chinese commercial property developer Soho China (0410) said today net profit for the year ended December 31, 2019 increased by 8 percent from the year before to 1.33 billion yuan.

Revenue increased by 11 percent on-year to 1.84 billion yuan.

Excluding profit from the disposal of a subsidiary, net profit dropped by 30.85 percent from a year ago to 1.33 billion yuan.

Soho China did not declare a final dividend for the year, compared with a dividend of 0.03 fen per share in 2018.

Gross profit margin was 82 percent compared with  75 percent in 2018.

Gubei Soho in Shanghai, completed in the first quarter last year, with a leasable gross floor area  of about 112,000 sq.m,  was about 67 percent leased by year end, the company said. The project is expected to contribute more rental income in 2020.

In Beijing, Leeza Soho, in an investment  property, was completed in the fourth quarter of 2019, is in the Lize business district, slated for further government development and attention, the company said. The project’s underground area will be the site where five subway lines will converge.

Soho China said the selling expenses for 2019 were 32 million yuan, compared with 37 million yuan in 2018.



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