Companies

Poly Real Estate reports 40% profit surge

(Xinhua)
Updated: 2011-03-02 09:49

The Poly Real Estate Group Co booth at a property expo in Beijing. On Tuesday, Poly Real Estate shares rose 3.48 percent, the biggest gain since Jan 11. [Photo / China Daily]

 

BEIJING - Poly Real Estate Group Co Ltd, China's second largest property developer by market value, said Tuesday in its annual report that its 2010 net profit soared 39.8 percent from one year earlier to 4.92 billion yuan ($748 million).

The surge was slower than the 57.19 percent increase in 2009, but the company has achieved its growth "in the face of a complicated market" in the reporting period with "reasonable management" and "moderate market expansion", said the developer in a statement filing to the Shanghai Stock Exchange.

Turnover stood at 35.9 billion yuan, up 56.15 percent year on year, and earnings per share rose to 1.08 yuan from the previous 1.06 yuan, said the report.

Related readings:  Poly (HK) sets higher 2011 home sales target  China Poly Real Estate H1 sales up 3.3%  Poly Real Estate's Jan-May sales top $2b

Poly's nationwide market share increased to 1.35 percent from 1.3 percent in 2009, while total assets jumped 69.57 percent to 152.33 billion yuan.

Poly said in the report that it expects "fluctuations" in China's property market this year, due to the government's continued tightening to rein in liquidity and curb excessive home price growth, and the company has made "full preparation" for it.

The tightening measures would promote the sustained and stable development of the real estate market, therefore, the company is optimistic about the future market in the medium and long term, it added.

Shares of the company climbed 3.48 percent to 12.8 yuan by market close Tuesday.