China-based high-end residential developer Yanlord Group has announced that its net profit in the second quarter increased 9 percent to $99.9 million, attributed to the increase in gross floor area (GFA) delivered.
Q2 revenue rose 1 percent to $622.1 million, while gross profit margin climbed 1.3 percentage points to 63.4 percent.
Aside from the continuing delivery of its current development at Yanlord Riverside City (Phase 3) in Shanghai, it also delivered two new projects – Yanlord Peninsula (Apartment-Phase 2) in Suzhou and Yunjie Riverside Gardens (Phase 2) in Shanghai in Q2.
These resulted in a 7.3-percent increase in GFA delivered in Q2 to 132,638 sq m. Average selling price was steady at 23,156 yuan psm, compared with 23,152 yuan psm in Q2 last year.
The group’s revenue rose in terms of yuan but the strengthening Sing dollar against the Chinese currency led to a one-percent decline in its revenue to $795.2 million.
Demand for high quality residential projects in China continuously drives the revenue performance of the group, said Zhong Sheng Jian, chief executive and chairman of Yanlord.
The group will continue focusing on the development of quality residential apartment in prime locations in Chinese cities, added Mr. Zhong.
Yanlord is set to launch a new batch of its current projects in the second half, including Yanlord New City Gardens (Phase 2) in Zhuhai, Yanlord G53 Apartment in Nanjing and Yanlord Townhouse in Shanghai. It will also start the construction of Yanlord Yangtze Riverbay Town (Phase 3) in Nanjing and Yanlord Sunland Gardens (Phase 1) in Shanghai.