Yanlord's 3Q net profit surged nine-fold to $116.4m

Thanks to strong market demand for prime developments.

Underscored by healthy market demand for the Yanlord Land Group's quality developments in China, presale of properties and car parks in 9M 2016 rose 17.4% to RMB23.780b ($4.9b) from RMB20.262 b ($4.18b) in 9M 2015 while accumulated pre-sales pending recognition as at 30 September 2016 was RMB29.357b ($6.05b) and is expected to be progressively recognized as revenue in subsequent financial periods.

As of 30 September 2016, the group has received RMB24.986b ($5.15b) as advances for pre-sale properties.

3Q 2016 recognised revenue of the group rose 83.9% in 3Q 2016 to RMB5.505b ($1.14b) compared to RMB2.994b ($0.62b) in 3Q 2015. The growth in recognised revenue was largely due to a 70.1% increase in gross floor area (GFA) delivered in 3Q 2016 to 224,985 square metre (sqm) coupled with a higher achieved ASP of RMB24,187 ($4988.54) per sqm in 3Q 2016 compared to RMB20,398 ($4207.06) per sqm in 3Q 2015.

In-line with the greater recognised revenue in 3Q 2016, net profit attributable to owners of the company surged 913.3% to RMB564.2m ($116.37m) from RMB55.7 million ($11.49m) in 3Q 2015.