SINGAPORE (Nov 13): Yanlord Land Group, the developer focusing on developing high-end integrated property projects in high-growth China cities, reported 3Q earnings rose 11.2% to RMB627.5 million ($128.6 million) from RMB564.2 million a year ago.
Revenue for the period declined to RMB3.764 billion in 3Q17 from RMB5.505 billion in 3Q16, in line with the group’s delivery schedule whereby a lower GFA was delivered in 3Q17. Despite the lower revenue of the group, the delivery of higher margin residential units and car parks helped propel gross profit margin to 41.8% in 3Q17 from 27.2% in 3Q16.
Consequently, gross profit rose 4.9% to RMB1.57 billion in 3Q 2017 as compared to RMB1.5 billion in 3Q 2016.
As at Sept 30, cash and cash equivalents stood at RMB16.417 billion. Underscored by the group’s land acquisition strategy in 9M17, net debt to total equity gearing ratio stood at 70.1%.
Looking ahead, the group will continue to launch a new project and new batches of its existing projects in 4Q17 namely, Oasis New Island Gardens Phase 3 in Nanjing, Yanlord on the Park in Shanghai and Riverbay Gardens in Suzhou.
Shares in Yanlord closed at $1.72 on Monday.