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Country Garden's profit soars 35.5% in 2011

Feb. 29, 2012 (China Knowledge) - Country Garden Holdings Co Ltd<2007>, which is principally engaged in property businesses in Guangzhou and Foshan of Guangdong Province, reaped RMB 5.81 billion in net profit last year, reflecting a year-on-year increase of 35.5%.

In a statement, the Hong Kong-listed firm said its revenue surged 34.7% from a year earlier to RMB 34.7 billion in 2011. Earnings per share were RMB 0.35 and a final dividend of 12.96 RMB cents was declared.

Last year, the real estate developer realized around RMB 43.2 billion in contracted sales, up 31% year on year, and the firm's contracted sales area increased 15% year on year to 6.87 million square meters. Gross margin grew from 34.5% in 2010 to 32.9% in 2011.

Average sales price for 2011 reached RMB 5,630 per sq m, 12.6% more than that of 2010.

At the end of last year, Country Garden had RMB 12.39 billion in cash, compared with RMB 9.85 billion it had as of Dec. 31, 2010. Debt/asset ratio increased from 48.4% to 63.3% at the end of 2011, sources reported.

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