KWG PROPERTY (01813) interim NP down 2% to RMB910M
KWG PROPERTY (01813) announced as of the end of June, the income fell 10.1% year-on-year to RMB4.62 billion; net profit fell 2% to RMB910 million, representing EPS of 31.5 cents. No dividend was declared, as previous.
Revenue generated from property development decreased by 10.7% to approximately RMB4.46 billion, primarily due to a 24.5% decrease in the total GFA delivered to 378,472 sq.m. in the first half of 2012 from 501,290 sq.m. for the corresponding period in 2011. Despite the decrease in GFA delivered, the Group maintained a high recognised average selling price at RMB11,785 per sq.m. Revenue generated from property investment slightly increased by 1.6% to approximately RMB70.8 million. Revenue generated from hotel operation increased by 10.3%, while revenue generated from the provision of property management services increased by 24.3%.
Net profit margin after deducting fair value gains on investment properties and related tax for
the period was 17.3%, a slight decrease from 18.0% in the corresponding period in 2011. The gross margin fell from 44.3% to 43.8%.
The carrying amount of the Group’s cash and bank balances was approximately RMB7.01 billion, representing an increase of 30.4%. The gearing ratio rose from 61.8% to 71.2%. (r)
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