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Guangzhou R&F Properties sees 8.5% rise in 2011 profit

Mar. 20, 2012 (China Knowledge) - Guangzhou R&F Properties Co Ltd<2777>, a real estate developer based in Guangzhou and Foshan of Guangdong Province, announced today that its net profit climbed 8.5% year on year to RMB 4.83 billion last year.

Profit from property development increased 19.8% year on year to RMB 4.51 billion last year, and gross profit margin at the segment rose to 42.5% from 37.9% in 2010, due to higher average sales price.

The developer's turnover was RMB 27.4 billion in 2011, up 11% from the previous year.

The Hong Kong-listed company saw its contracted sales reach RMB 30 billion and its sales area hit 2.26 million sq m last year, and both reflected slight decreases compared with 2010.

This year, the company aims to sell RMB 32 billion of properties and will expand further into second- and third-tier cities.

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