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Guangzhou R&F Properties expects huge decline in H1 profit

Jul. 30, 2012 (China Knowledge) - Guangzhou R&F Properties Co Ltd<2777>, a real estate developer based in Guangzhou and Foshan of Guangdong Province, expected its net profit will reflect a huge decrease in the first half of this year.

The real estate developer said the decline was mainly due to a slide in sales and a higher comparable basis.

In the first half of 2011, the company realized RMB 2.01 billion in net profit attributable to shareholders, 186% more than a year earlier.

As at the end of June, Guangzhou R&F Properties posted RMB 14.65 billion in sales revenue, reflecting a YoY increase of 9%, while the sales area amounted to 1.2 million square meters in the six-month period, up 42% from a year earlier, sources reported.

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