Jul. 26, 2012 (China Knowledge) - Shanghai Lujiazui Finance & Trade Zone<600663><900932>, a real estate developer based in Lujiazui, Shanghai, announced yesterday its net profit plunged 53.80% YoY  to RMB 412 million in the first half of this year, due in part to weaker-than-expected property sales.

Earnings per share were RMB 0.22 in the period, down 53.80% from the same period of 2011, said the company in its interim report.

The company's core business revenue fell 47.81% YoY to RMB 1.35 billion in the first six months.

Property sales surged 107.30% YoY to RMB 544 million in H1. Revenue from property leasing business jumped 28.28% to RMB 584 million, and that from hotel business climbed 3.07% to RMB 59 million.