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SOHO core net profit jumps by 33%
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SOHO China Ltd, the largest prime office developer in Beijing and Shanghai, said core net profit in 2013 jumped one third from a year earlier to 4.44 billion yuan (US$723 million).
Core net profit, excluding valuation gains on investment properties, surged 33 percent last year, mainly due to the relatively high profit margin of Towers 1 and 2 of Wangjing SOHO in Beijing which were completed and delivered during the period, the Beijing-based developer said in a statement to the Hong Kong stock exchange yesterday.
Core net profit margin hit a record 33 percent, compared with 21 percent in 2012.
Net profit attributable to shareholders, meanwhile, dropped 30 percent from 2012 to 7.39 billion yuan, while turnover fell to 14.6 billion yuan last year from 15.3 billion yuan in 2012, the company said.
“2013 was the first year of the company’s transition from a ‘build and sell’ to a ‘build and hold’ business model which has been smooth so far,” SOHO China said in the statement, citing Chairman Pan Shiyi. “We made great progress under the new business model which is in line with the overall economic trend and development of the real estate industry in China.”
Contracted sales amounted to 4.68 billion yuan last year, compared with 9.47 billion yuan registered in 2012.
As of December 31, the company had 10.65 billion yuan of cash and bank deposits.
SOHO China said last week that it has agreed to sell two of its projects located in comparatively less core locations in Shanghai to Shenzhen-listed Financial Street Holding Co for 5.23 billion yuan as the developer tries to optimize its portfolio in line with its new corporate strategy.
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