China Vanke reports 23.56% increase in net profits in H1
China Vanke Co Ltd, the largest publicly traded property developer in China, achieved a net profit of RMB 2.06 billion in the first half of the year, up 23.56% year on year, said the company in its interim financial report released on Monday.
Operating revenue rose 55.5% from a year earlier to RMB 17.255 billion, and earnings per share rose to RMB 0.187 from RMB 0.155 a year ago.
In the first half of the year, Vanke realized sales of 265.8 million square meters and the total sales value rose to RMB 24.13 billion, up 15% and 38.1% respectively over the previous year.
At the end of June, the company’s market share expanded to 2.7% from a year earlier. The cash balance stood at RMB 15.37 billion.
Due to the weakening demand in the domestic real estate market, Vanke has scaled back some property development plans for the second half of this year. However, the company still remains optimistic about its long-term outlook.
Vanke’s shares went down 6.26% to close at RMB 7.94 in Shenzhen yesterday.
Tags: Real-Estate, Vanke