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Gemdale posts 12% rise in net profit for 2011

Apr. 25, 2012 (China Knowledge) - Gemdale Corp<600383>, a Shanghai-based real estate developer, announced yesterday that its net profit grew 12% year on year to RMB 3.02 billion last year.

The developer's operating revenue jumped 22.08% year on year to RMB 23.92 billion in 2011.

Gemdale saw its property sales increase 9.13% from 2010 to RMB 30.92 billion in 2011 but its sales area fall 2.37% year on year to 2.24 million square meters as a result of the government's efforts in cooling down the real estate market.

The company also announced that its net profit dropped 3.58% year on year to RMB 156 million in the first quarter. Operating revenue slid 18.7% year on year to RMB 1.74 billion in the period.

In 2012, Gemdale aims to start construction on 2.54 million sq m of properties and complete 2.79 million sq m of properties.

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