Yanlord profits up 11% to $128.66m in Q3

Its new project Oasis New Island Gardens contributed 58.7% to total revenue.

Yanlord Land Group's profits grew by 11% YoY from $115.67m (CNY564.17m) to $128.66m (CNY627.52m) in Q3.

According to its financial statement, revenue fell by 32% YoY to $770.92m (CNY3.76b) due to the decrease in gross floor area (GFA) delivered to customers for the period. This was offset by an increase in average selling price (ASP) per sqm.

Yanlord delivered new projects such as Oasis New Island Gardens (Phase 2) in Nanjing which accounted for 58.7% of the gross revenue on sales of properties.

Revenue generated from existing projects was mainly contributed by Yanlord Western Gardens in Shanghai, which represented 28.6% of the Group's gross revenue.

Gross profit improved by 4.9% YoY, thanks to the increase in delivery of car park units in current reporting period over the same period last year.