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Evergrande posts 46% profit rise in first half
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EVERGRANDE Real Estate Group Ltd’s net earnings rose by double digits in the first half of this year as contracted sales grew strongly under its strategy to distribute regional sales evenly.
Net profit during the six months surged 46 percent year on year to 9.49 billion yuan (US$1.5 billion), the Guangzhou-based developer said yesterday in a filing to the Hong Kong stock exchange. Revenue jumped 51 percent from the same period a year earlier to 63.34 billion yuan, with 98 percent coming from property development, Evergrande said.
Contracted sales registered between January and June climbed 55.4 percent year on year to 69.32 billion yuan, meeting 63 percent of the company’s annual target. By gross floor area, they surged 47.4 percent to 9.796 million square meters, the most among developers countrywide, the filing said.
The first and second-tier cities contributed a combined 55.5 percent to the value of contracted sales during the first half, up 8 percentage points from the same period a year earlier. The developer said the sales pointed to a more balanced distribution among those cities and third-tier ones.
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