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COFCO Property sees 44% down in H1 profit

Aug. 31, 2012 (China Knowledge) - COFCO Property (Group) Co Ltd<000031>, a subsidiary of state-owned COFCO Group, saw its net profit attributable to shareholders decreased 44.33% YoY to RMB 60.83 million in the first half of this year.

Operation revenue for the six-month period dropped 23.94% from a year earlier to RMB 1.22 billion. Basic earnings per share were RMB 0.03.

From January to June 2012, the property developer's contractual sales totaled RMB 3.23 billion, surged 47.85% from a year earlier, while its contractual sales area for the period was 224,800 sq m, 60.22% more than it realized in the same period of last year.

As of June 30, 2012, the company had RMB 34.38 billion in total assets, 5.46% more than at the end of last year.

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