Yanlord's profit down 5% to $664.88m in 2019

Pre-tax profit decline was blamed on decrease in gross profit and increase in finance cost.

Yanlord Land Group (Yanlord) saw its net attributable profit dip 5% YoY to $664.88m (RMB3.35b) in FY2019 from $702.64m (RMB3.54b) in 2018, an SGX filing revealed. Similarly, revenue crashed 25% YoY to $3.72b (RMB18.67b) from $4.96b (RMB24.89b) over the same period.

The revenue decline was blamed on decrease in gross floor area (GFA) delivered to customers in FY2019, in line with the Group’s delivery schedule. Revenue was mainly generated from Riverbay Gardens (Phase 1) and Riverbay Gardens (Phase 2) in Suzhou; Yanlord on the Park in Shanghai; and Yanlord Riverbay (Phase 3) in Chengdu, which represented 24.4%, 19.6%, 12.8% and 11.1% of the group's gross revenue on sales of properties.

Pre-tax profit also dropped 16.6% YoY to $1.75b (RMB8.8b) in FY2019, mainly due to the decrease in gross profit and increase in finance cost, partly offset by the gain on bargain purchase arising from the acquisition of UEL and increase in fair value gain on investment properties.

Dividend was declared at 0.068 cents (RMB0.3431).