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Poly Real Estate's profit up 95% in Q3

Oct. 30, 2012 (China Knowledge) - Poly Real Estate Group Co Ltd<600048>, a major property developer in China, has announced its net profit surged 94.96% YoY to RMB 1.31 billion in the third quarter of this year.

Operation revenue for the three-month period was RMB 11.12 billion, more than RMB 6.62 billion it realized in the corresponding period of 2011.

In the first nine months of this year, the property developer saw its operating revenue totalled RMB 31.31 billion, reflecting a YoY increase of 43.52%, while its net profit for the period rose 10.21% YoY to RMB 3.82 billion. Basic earnings per share were RMB 0.54 for the period.

From January to September, Poly Real Estate saw its contractual sales grow 32.04% YoY to 75.63 billion and sales area amount  to 6.69 million sq m, 34.03% more than in the same period of last year.

By the end of Sep 30, 2012, the company had RMB 238.26 billion in total assets, 22.17% more than at the end of last year.

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