Yanlord’s profit plummeted 92% in Q3

The group only earned $9.5m.

Mainboard-listed property developer Yanlord recorded a 92% drop in its profit for the third quarter, reporting a net profit for the quarter of $9.5m (RMB 45m), down from $119m (RMB 566m) in the same period last year.

Yanlord’s revenue also plunged 72%  to $206m (RMB 977m), on the back of lower average selling price per square metre as compared to the corresponding period last year due to the change in composition of its product mix.

The group said that its lower GFA delivery in 3Q 2014 was in-line withits lower projected delivery schedule for the quarter, and also partly attributable to the tighter credit environment in the PRC and consequently slower disbursement of mortgage loans to its customers.