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KWG Property's profit for 2011 surges 64.1%

Mar. 1, 2012 (China Knowledge) - KWG Property Holding Ltd<1813>, a real estate developer based in Guangzhou of Guangdong Province, has posted RMB 2.1 billion-net profit attributable to shareholders for the first half of 2011, 64.1% more than that of 2010.

Operating revenue for last year totaled RMB 10.12 billion, up 35.6% from a year earlier. Gross profit soared 44.4% year on year to RMB 4.47 billion in 2011 with gross margin of 44.2%, more than 41% in 2010.

Chairman Kong Jianming said the company targets RMB 12 billion-sale revenue for 2012, more than RMB 11.5 billion it realized last year.

The real estate developer intends to put 1.8 million square meters of properties in eight new projects on sales this year. Four of the eight projects will be all in Shanghai, while each of the remaining four in Suzhou, Hainan Province, Chengdu and Guangzhou.

The company's dividend payout ratio was 30% in 2011, higher than 25% in 2010, said Chief Financial Officer Kam Tim Tsui.

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