[photopress:property_country_garden_holdings.jpg,full,alignright]Mainland property developer Country Garden Holdings saw its net profit surged 172% last year to RMB4.14 billion.
Total revenue stood at RMB17.74 billion, up 123.3% from a year earlier, with property sales surging 139.5% to RMB16.67 billion.
Profit from property sales amounted to RMB5.86 billion, up from RMB1.93 billion a year earlier.
The average selling price was up 20.4% at RMB6,359 per square meter.
The company noted that it made a provision of RMB1.155 billion in 2007 for land appreciation tax, against RMB373.9 million a year earlier.
Looking ahead, the property developer said it plans to further expand its property business both within and outside the Guangdong province. It declared final dividend of RMB0.0952 a share.
Our picture shows Country Garden chairman Yeung Kwok-keung celebrating the company’s debut on the Hong Kong Exchanges in April, 2007. He can keep on celebrating.
Source: Trading Markets