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Vanke posts rise in profit
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China Vanke Co, the country’s largest property developer by market value, said yesterday that its unaudited net profit in the third quarter was 1.6 billion yuan (US$263 million), up 18.39 percent year on year.
The Shenzhen-listed company said gross business revenues during July-September jumped 42.97 percent to top 22 billion yuan. Earnings per share in the third quarter rose 18.7 percent to 0.146 yuan, according to a report posted on the Shenzhen Stock Exchange website.
The company attributed the profit gain to its rising home sales totaling 44.82 billion yuan in value in the third quarter, up 32.7 percent year on year.
In the first nine months of the year, its net profit increased 21.27 percent year on year to 6.16 billion yuan, according to the report.
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