by winston » Wed Sep 10, 2008 2:34 pm
Not vested.
Hong Kong-listed Agile Property H1 net profit surges 641 pct on disposal gains
HONG KONG (XFN-ASIA) - Agile Property Holdings said its first half to June net profit surged 641 pct to 4.43 bln yuan from 598.11 mln, boosted by a disposal gain of 4.14 bln yuan on the sale of a 30 pct stake in its "Clearwater Bay" project in Hainan.
Total sales for the period fell 26.7 pct to 2.34 bln yuan due to the slowdown of the mainland property market.
Gross profit margin was 47.6 pct, up 2.1 percentage points over the same period of 2007.
In the first half, total gross floor area (GFA) sold and recognized was 278,519 square meters, down 47 pct from a year earlier. Related revenue was 2.25 bln yuan, down 28 pct.
The average selling price rose 36 pct to 8,081 yuan per sq m from 5,942 a year earlier.
It added that contracted GFA sold amounted to 851,100 sq m as at end-August.
At end-June, Agile's land bank amounted to 31.52 mln sq m of GFA in 20 cities and districts in the Pearl River delta, eastern Guangdong, the Yangtze River delta, western China, Hainan island and northeast China.
Agile said its land bank is sufficient for 8 to 10 years of development.
The company said it expects the property market in China to continue its adjustment in the second half.
"We believe that despite the macroeconomic tightening measures, the demand for housing in China will remain huge," chairman Chen Zhuo Lin said.
Agile closed the morning down 0.22 hkd or 4.78 pct at 4.38.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"