TWO of the country's major real estate developers reported mixed first-quarter performances yesterday.
China Merchants Property Development Co Ltd, the real estate arm of China Merchants Group, said net profit tumbled 42.1 percent to 36.96 million yuan (US$5.28 million), or 0.04 yuan per share, in the first three months of this year, mainly due to a face-value loss of 70 million yuan in its hedging operation on loan business.
Revenue from main operation jumped 47 percent and profit from main operation soared 87 percent to 217 million yuan in the January-March period, the company said in a filing to the Shenzhen Stock Exchange yesterday.
Meanwhile, Poly Real Estate Group Co, China's largest state-owned developer, said net profit will likely soar 230 percent from the same period a year earlier without specifying reasons. Net profit was 78.14 million yuan, or 0.07 yuan a share, between January and March in 2007.
The Guangzhou-based developer sold a total of 361,000 square meters of space nationwide in the first quarter, a year-on-year increase of 16.5 percent, with sales rising 8.48 percent to 2.594 billion yuan, the company said in a preliminary report to the Shanghai Stock Exchange yesterday.