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Pre-tax profit decrease was blamed on reduction in gross profit and increase in fund price.
Yanlord Land Group (Yanlord) saw its net attributable profit drop 5 percent YoY to $664.88m (RMB3.35b) at FY2019 from $702.64m (RMB3.54b) at 2018, an SGX submitting revealed.
The earnings decline was blamed decrease in gross floor area (GFA) delivered to clients in FY2019, in accord with the Group’s delivery program. Revenue was mostly made from Riverbay Gardens (Stage 1) and Riverbay Gardens (Stage 2) at Suzhou; Yanlord on the Park at Shanghai; and Yanlord Riverbay (Stage 3) in Chengdu, that represented 24.4%, 19.6%, 12.8% and 11.1percent of this group’s gross earnings on sales of properties.
Pre-tax profit also fell 16.6percent YoY to $1.75b (RMB8.8b) at FY2019, largely as a result of reduction in gross earnings and growth in fund price, partially offset by the profit on price buy arising in the acquisition of UEL and increase at fair value gain on investment properties.
Dividend was declared in 0.068 pennies (RMB0.3431).