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Poly Real Estate reports 32.74% surge in net profit for 2011

Apr. 6, 2012 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a major property developer in China, announced yesterday that its net profit grew 32.74% year on year to RMB 6.53 billion last year.

Basic earnings per share were RMB 1.1 in 2011, and the developer proposed a dividend of RMB 2.15 per ten shares for last year.

The company's operating revenue jumped 31.04% year on year to RMB 47.04 billion in the year.

Poly Real Estate said that its property sales rose 10.69% year on year to RMB 73.24 billion last year but sales area fell 5.54% year on year to 6.50 million square meters.

At the end of last year, the company had RMB 18.15 billion in cash, seeing its debt-to-asset ratio falling 0.55 percentage points to 78.43%.

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