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China Merchants Property's H1 profit down 16.76%

Aug. 13, 2012 (China Knowledge) - China Merchants Property Development Co Ltd<000024><200024>, is principally engaged in the development, sale, leasing and management of properties and a provider of electricity, announced its net profit attributable to shareholders to decrease by 16.76% YoY to RMB 1.22 billion in the first half of this year.

According to a statement, the company's basic earnings per share for the period were RMB 0.71.

From January to June, the real estate developer saw its operation revenue rose 24.58% from a year earlier to RMB 10.08 billion. Revenue from Pearl River Delta and the Yangtze River Delta region surged 46% and 123% from a year earlier to RMB 6.04 billion and RMB 2.02 billion, respectively.

Meanwhile those from Bohai Rim and the other areas reached RMB 1.77 billion and RMB 259.4 million, down 20% and 69% YoY, respectively.

During the reporting period, the company's contractual sales increased 136% YoY to RMB 16.13 billion, while its contractual sales area skyrocketed 181% YoY to 1.17 million sq m.

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