August 19 – Agile Property Holdings (3383.HK) recorded a 97.8-percent year-on-year surge in interim net profits to 2.58 billion yuan, reports the Economic Observer, citing a company filing. Sales revenues and gross profit hit 11.72 billion and 6.15 billion yuan respectively, up 65.5 percent and 70.6 percent. The firm plans to distribute interim dividends of HK$10.8 dollars for each share.

The firm had a total of 33 projects available for sales that cover 17 cities. During those six months, transaction values rose 50 percent year-on-year to 15.7 billion yuan, while transactions totaled 1.42 million square meters, up 38 percent.

As of August 17, Agile Property had 70 projects with total land reserves of 32.13 million square meters at an average cost of 1,307 yuan per square meter. The reserves are sufficient for developments to be carried out over the next eight to 10 years.

As of June 30, the firm completed a construction area of 641,532 square meters, and projects under construction occupied 7.63 million square meters.

Agile Property chairman Chen Zhuolin said the company will roll out 10 projects in the second half of 2011.

The firm had 7.64 billion in cash and unutilized credit worth 22.4 billion yuan. Its net debt ratio rose 10.6 percentage points from end of 2010 to 60.2 percent.

Agile Property’s CFO predicts its net debt ratio will fall to 55 percent as it could collect cash from property sales later this year.