Yanlord Land's net profit down to RMB1.47b in FY13

Due to lower operating income.

In a release, Yanlord Land Group Limited announced its results for the period of January to December 2013.

Net profit attributable to equity holders of the Company was lower at RMB1.474 billion in FY 2013 as compared to RMB1.824 billion in FY 2012 mainly due to the lower other operating income of RMB513.1 million in FY 2013, mainly due to the absence of the disposal gain and dividend income on available-for-sale investment and a net foreign exchange gain on its senior notes as well as lower fair value gain on investment properties in FY 2013 as compared to FY 2012.

Recognised revenue of the Group rose 9.5% in FY 2013 to RMB11.280 billion compared to RMB10.302 billion in FY 2012, underlined by strong market demand for the Group’s quality developments in the PRC.

The growth in recognised revenue was largely due to a higher achieved ASP of RMB24,599 per square metre in FY 2013 compared to RMB22,545 per sqm in FY 2012 owing to changes in product mix composition. Total gross floor area delivered in FY 2013 was 434,334 sqm.

In-line with the increase in revenue, gross profit rose 6.5% to RMB4.000 billion in FY 2013.