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Evergrande Real Estate earns RMB 11.78 bln in 2011

Mar. 29, 2012 (China Knowledge) - Evergrande Real Estate Group Ltd<3333>, a Chinese property giant, announced yesterday that its net profit surged 46.9% year on year to RMB 11.78 billion last year.

Earnings per share were RMB 0.76 last year, and the developer declared a final dividend of RMB 0.19 per share, up from RMB 0.13 in 2010.

Excluding gains from revaluations of investment properties, the company's underlying profit was about RMB 8.61 billion.

In 2011, the company's property sales rose 59% year on year to RMB 80.39 billion, of which 96.8% was generated by projects in second- and third-tier cities. Sales area grew 54.7% year on year to 12.20 million square meters in the year.

Average sales price climbed 3.1% to RMB 6,590 per sq m last year.

As of the end of 2011, the developer had land reserves of 137 million sq m, with land cost at RMB 616 per sq m on average.

Evergrande Real Estate, which has 187 development projects in 103 cities across the country, aims to realize RMB 80 billion in property sales this year.

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