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Poly Real Estate posts 23.52% drop in net profit for Q1

Apr. 20, 2012 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a major property developer in China, has announced that its net profit fell 23.52% year on year to RMB 537 million in the first quarter of this year.

The property developer saw its operating revenue surge 36.4% year on year to RMB 4.92 billion in the first three months. However, operating costs saw a higher growth of 43.55% year on year, hitting RMB 2.58 billion.

In the first quarter, Poly Real Estate saw its contractual sales climb 6.07% year on year to 14.87 billion and sales area amount to 1.44 million sq m, 8.98% more than in the same period of last year.

Smaller rival China Merchants Property Development Co Ltd<000024><200024> said earlier that its net profit dropped 23.53% year on year to RMB 429 million in the quarter. Operating revenue jumped 27.30% year on year to RMB 3.61 billion in the period.

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