Yuexiu Property profit rises 1.9b yuan

Yuexiu Property (0123) said interim net profit grew by 6.7 percent on-year to 1.99 billion yuan (HK$2.23 billion).

Core profit was up by 8.5 percent. The basic earnings per share were 0.1288 fen.

The board proposed an interim dividend of HK$0.057 per share.

Revenue was around 23.71 billion yuan, representing a period-to-period increase of 8.8 percent. The gross profit margin was up by 2 percentage points to 28 percent.

The value of aggregate contracted sales increased by 1.8 percent to 37.56 billion yuan, and achieved 46.8 percent of the full-year sales target of 80.2 billion yuan.

Contracted sales value of “railway + property” projects was 5.05 billion yuan. The group has  acquired five land parcels located in cities such as Guangzhou, Hangzhou and Suzhou, with a total gross floor area of 1.1 million square meters.

As of June 30, the total landbank was 23.63 million sq m , and the landbank of Greater Bay Area was 12.73 million sq m, accounting for 53.9 percent of the total land bank.