July 27 -- Beijing Orient Landscape (002310), a company involved in the landscape design and construction business, posted a 129.5 percent year-on-year increase in first half 2011 net profit to 205 million yuan, with earnings per share of 1.37 yuan, reports China Business News, citing a company filing. Revenue rose 117.7 percent to 1.19 billion yuan.

Orient Landscape said the growth resulted from a large number of contracts signed in the first half and the effect of economies of scale.

The company had posted a 205.86 percent year-on-year drop in first quarter 2011 net profit after a 208.13 percent growth in 2010.

Orient Landscape reported a 129.5 percent year-on-year rise in second quarter net profit.

The company still had 48.02 million yuan of the funds raised as of the end of the first half. This was after spending 172 million yuan in the first half.

According to Orient Landscape's first half report, net profit for the first three quarters is expected to rise 80-120 percent year-on-year.

Funds are now increasing their holdings in Orient. Six out of the top 10 tradable shareholders are funds, with BOC Income Fund (163804) being the largest fund investor with a shareholding of 1.3 million shares.

The share price of Orient had fallen since the second quarter and had hit a record low of 76.48 yuan.

The company's shares rebounded and was trading at 108.59 yuan per share at 10:20 today, down 1.59 percent.

Source:CapitalVue