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Agile Property posts 31.3% profit plunge for 2011

Mar. 9, 2012 (China Knowledge) - Agile Property Holdings Ltd<3383>, a Hong Kong-listed developer of large-scale residential projects, reaped RMB 4.11 billion in net profit attributable to shareholders for 2011, reflecting a year-on-year drop of 31.3% from RMB 5.98 billion.

The net profit, excluding property revaluations, however, surged 28.4% from a year earlier to RMB 5.16 billion last year.

The real estate developer's contracted sales totaled RMB 31.5 billion in 2011, nearly unchanged compared with 2010. Contracted sales area increased by 10% to around 3.11 million square meters with an average sales price of RMB 10,144 per sq m, up 11.6% from that of 2010.

Properties in 41 projects were sold by the company last year with 25% of the total sales in Guangzhou, 24% in Zhongshan and 23% in Hainan Province.

As of Dec. 31, 2011, Agile Properties had RMB 81.8 billion in total assets and RMB 58 billion in total liabilities, and its debt/asset ratio was 70.9%.

In the first two months of this year, the company sold 303,000 sq m of properties for a total of RMB 4.18 billion with an average price of RMB 13,783 per sq m.

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