China Vanke Interim Net Profits Inched Up
August 17th, 2015
China Vanke, China's biggest property developers by land reserve, reported net profit attribute to shareholders inched up 0.8 percent for the first six months ended June 30th of RMB 4.85 billion for its Hong Kong-listed entity, when compared with RMB 4.81 billion net profit for the same period in the year before.
Basic earing per share were RMB 0.44, representing an increase of 0.5 percent from that of the same period last year. The firm decided not to pay dividend or transfer capital surplus reserve to share capital for the first half of 2015.
Turnover of the first half amounted at RMB 47.63 billion up from RMB 39.51 billion. In the first half of 2015, the booked revenue derived from the property development business accounted for 96.3 percent of the firm’s total revenue.
As at the end of the reporting period, the company’s cash and cash equivalents amounted to RMB 44.61 billion, which was much more than the sum of short-term borrowings and long-term borrowings due within one year of RMB23.77billion. Some 96.14 percent of the cash and cash equivalents were denominated in RMB and 3.86 percent were denominated in US dollars, Hong Kong dollars, and Singapore dollars. The real estate developer’s net gearing ratio (interest-bearing borrowings less cash and cash equivalents, divided by net assets) was 15.76 percent for the interim reporting period.
During the interim reporting reporting period, by geographical breakdown, the company realised a sales amount of RMB 32.92 billion in the Pearl River Delta region; a sales amount of RMB 35.79 billion in the Yangtze River Delta region; a sales amount of RMB 23.30 billion in the Beijing surrounding Bohai-Rim region; and a sales amount of RMB 17.95 billion in the central and western China region.
Vanke’s president Yu Liang said the firm’s overseas property projects development will be focusing the Hong Kong and the United States Market.