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Vanke posts 32% profit growth for Q3

Oct. 26, 2011 (China Knowledge) - China Vanke Co Ltd<000002><200002>, the country's leading publicly traded residential properties developer, reaped RMB 606.1 million in net profit in the third quarter of this year, up 32% year on year from RMB 459.5 million.

Operating revenue surged 66% year on year from RMB 5.61 billion to RMB 9.32 billion.  

In the reporting period, the Shenzhen-listed firm sold 2.82 million square meters of properties, 0.5% more than in the third quarter of 2010, but sales revenue declined 7.4% year on year to RMB 32.07 billion.

During the period from January to September 2011, Vanke's net profit increased 9.5% from a year earlier to RMB 3.58 billion. Operating revenue soared 31% from a year earlier to RMB 29.31 billion.

Property sales area for the nine-month period totaled 8.41 million sq m, up 39.9% year on year, while sales revenue surged 35.9% year on year to RMB 97.08 billion.

As of Sep. 30, Vanke had RMB 33.9 billion in cash, and its debt/asset ratio was 78.97%.

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