Yanlord Land reports 11.2% rise in 3Q earnings to $128 mil on higher margins

Yanlord Land reports 11.2% rise in 3Q earnings to $128 mil on higher margins

By: 
PC Lee
13/11/17, 10:25 pm

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.

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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.

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