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Poly Real Estate net profit up 50%

By Huyuanyuan (chinadaily.com.cn)
Updated: 2009-02-18 17:15

Poly Real Estate Group Co, China's second-largest listed developer, posted a 50 percent increase in its net income in 2008, the company said in a statement to the Shanghai bourse on Wednesday.

At the end of 2008, Poly's land bank was up 1.89 million sq m on the previous year. The Guangzhou-based company plans to invest 21.5 billion yuan ($3.14 billion) in property this year.

According to the statement, Poly's sales climbed 91 percent to 15.5 billion yuan. Net income in 2008 climbed to 2.24 billion yuan, or 0.91 yuan a share, from 1.49 billion yuan, or 0.65 yuan a share, a year earlier.

Poly Real Estate's share price has increased 23 percent this year, compared with a 20 percent gain for bigger rival China Vanke Co and a 24 percent advance in the Shanghai Composite Index.