Poly Real Estate Group Co., Ltd., China's second largest property firm by market value, forecasted Friday that its 2007 net profit could rise up to 100 percent due to rising home sales.
Its net profit could rise 70-100 percent this year after preliminary calculations, the company said in a company statement.
Last year, Poly Real Estate reaped 658.9 million yuan (87.8 million U.S. dollars) in net profit, or 1.20 yuan per share, according to the statement.
The Guangzhou-based company also said Friday its third-quarter profit jumped by 240 percent year-on-year to 284 million yuan (37.8 million U.S. dollars), or 0.25 yuan per share. Its sales rose 95 percent to 1.81 billion yuan.
Its profit in the first three quarters was 562 million yuan, or 0.50 yuan per share.
(one U.S. dollar equals 7.5074 yuan)