Yanlord Land profit down 23.9%

Net profit attributable to shareholders in FY 2011 dropped to RMB1.482b.

Yanlord Land said that its project delivery was concentrated in the delivery of higher average cost of sales per sqm developments such as Yanlord Townhouse in Shanghai and Yanlord G53 Apartments in Nanjing.

“In line with the changes in the delivered product mix, gross profit margin of the Group declined from 54.6% in FY 2010 to 33.6% in FY 2011 which translated to a lower net profit attributable to shareholders in FY 2011 of RMB1.482 billion,” said Yanlord.

Meanwhile revenue surged 389.3% or RMB3.724 billion to RMB4.681 billion in 4Q 2011 as compared to 4Q 2010. Reasons cited were the considerable increase in GFA delivered as well as the higher average selling price per sqm of RMB33,583 achieved in the fourth quarter.