Poly Property revenue doubles to 1.66 billion yuan

Mainland real estate developer Poly Property (0119) said its first-half net profit doubled to HK$1.66 billion from last year, but no dividend was proposed.

Its revenue rose 8.4 percent to HK$14 billion during the period.

The group recorded a sold contracted area of 1.79 million square meters for 31.3 billion yuan (HK$37.6 billion) in value in the first six months of 2021, achieving 50 percent of its annual sales target of 62 billion yuan.

The housebuilder said its debt structure improved further, as short-term borrowing was reduced to 23 percent - a decrease of 9 percentage points compared to the end of 2020. However, the gearing ratio remained at around 81 percent.