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Poly Real Estate expects 2011 profit to surge 32.39%

Jan. 10, 2012 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a property subsidiary of state-owned China Poly Group Corp, said yesterday that it expects its net profit to surge 32.39% year on year to RMB 6.51 billion in 2011.

The company said in a statement filed with the Shanghai Stock Exchange that basic earnings per share were estimated at RMB 1.10 last year.

The firm's unaudited operating revenue jumped 31.02% year on year to RMB 47.03 billion last year.

The developer saw its contracted sales grow 10.69% year on year to RMB 73.24 billion last year. However sales area fell 5.54% from 2010 to 6.51 million square meters in the previous year.

In December, the company's contracted sales plunged 37.68% year on year to RMB 5.62 billion, and its sales area slid 16.47% to 519,600 sq m.

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