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Evergrande Real Estate's H1 profit hits RMB 5.66 bln in H1

Aug. 29, 2012 (China Knowledge) - Evergrande Real Estate Group Ltd<3333>, a large Chinese property developer, said yesterday that its net profit rose 1.1% YoY to RMB 5.66 billion in the first half of this year.

Gross profit fell 5.7% YoY to RMB 10.6 billion in the period. The developer's turnover grew 15.5% YoY to RMB 37.04 billion in the first six months.

The Hong Kong-listed company saw its contractual sales reach RMB 35.04 billion in the period, having fulfilled 43.8% of its sales target for this year. The firm sold 57.68 million square meters of properties in H1.

As of the end of June, the firm had land reserves of 142 million square meters, 4% more than at the end of last year. It has 166 projects with a total area of 34.85 million sq m under construction.

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