China property developer Yanlord reported on Tuesday that its net profit for the second quarter rose 220 percent on-year to 1.48 billion yuan amid higher deliveries of units to customers.
Revenue for the quarter ended 30 June rose 126 percent on-year to 9.66 billion yuan, Yanlord said in a filing to SGX after the market close on Tuesday. It attributed the rise to a “significant increase” in gross floor area delivered to customers, partly offset by a decrease in the average selling price per square meter in the quarter.
“The group continued to deliver new projects in the second quarter of 2018 namely, Tianjin Jinnan Land (Phase 3), Oasis New Island Gardens (Phase 3) in Nanjing and Yanlord Marina Peninsula Gardens (Phase 2) in Zhuhai, which accounted for 38.0 percent, 26.1 percent, and 12.9 percent respectively to the group’s second quarter of 2018 gross revenue on sales of properties,” Yanlord said.
Other operating income, which was mainly interest income, net gain on the disposal of investment properties and government subsidies, rose 19.9 percent on-year in the quarter to 125 million yuan, it said.
For the first half, profit attributable to the owners of the company rose 63 percent on-year to 2.28 billion yuan, while revenue rose 59 percent on-year to 16.85 billion yuan.
In its outlook, Yanlord said it continued to see “steadfast buyer demand” for its developments.