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16:31, 20-Aug-2017
Financial Street Holdings' H1 net profits up 40%
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Beijing-based property developer Financial Street Holdings said Saturday that its first-half net profits rose 40 percent on the previous year.
Net profit totaled 1.1 billion yuan (around 159.1 million US dollars) in the first six months, up from 758.6 million yuan (113.7 million US dollars) during the same period in 2016, the developer said in a statement to the Shenzhen Stock Exchange.
The company said that although its contract sales fell by 37.2 percent in H1 because of the country's property purchase curbs, incomes from settlements of projects and property leasing grew, boosting profitability.
Its business revenues surged 62 percent from a year ago to 9.99 billion yuan (1.5 billion US dollars) for January-June, the company said.
It expected net profits to rise by up to 753 percent year-on-year in the third quarter to 385.5 million yuan (57.8 million US dollars), compared with 45.2 million yuan (6.8 million US dollars) during the same period of 2016.
The company's shares rose by 3.2 percent to 11.7 yuan (1.8 US dollars) Friday.
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Source(s): Xinhua News Agency