Yanlord's profit down 59% to $97.41m in H1

They recorded a decline in average selling price per square metre.

Yanlord Group saw its profit attributable to shareholders plunge 59% YoY to $97.41m in H1 (RMB492.87m) from $235.18m (RMB1.19b) in H1 2019, an announcement revealed. Revenue jumped 18% YoY to $1.8b (RMB9.12b) from $1.52b (RMB7.71b) over the same period.

The revenue growth was thanks to an increase in gross floor area (GFA) delivered to customers, which was partly offset by the decrease in average selling price (ASP) per square metre (sqm) achieved by the group compared to 1H 2019.

The decrease in ASP was mainly due to the change in the composition of product-mix delivered in the current reporting period. New projects Yanlord Marina Peninsula Gardens (Phase 3) in Zhuhai, Yanlord Majestive Mansion in Tianjin and Yanlord Reverie Apartments in Shenzhen, represented 28%, 17.8% and 16.2% respectively of the group's gross revenue from sales of properties in H1.

Cost of sales in H1 rose 42% YoY to $1.15b (RMB5.84b) compared to $816.19m (RMB4.13b) in H1 2019. Other contributors to the group's revenue mainly included rental of investment properties, income from hotel operations as well as provision of property management services and other ancillary services.

Gross profit margin dipped 10.6 percentage points (ppt) to 35.9% in the same period from 46.5% in H1 2019, primarily due to the change in the composition of product-mix delivered in the current reporting period.

Yanlord also recorded a share of profit of joint ventures of $18.19m (RMB92m) in H1, reversing from a loss of joint ventures of $6.33m (RMB32m) in H1 2019, driven by an increase in share of profit of Sino-Singapore Nanjing Eco Hitech Island.

Cash and cash equivalents of the group inched up 6.1% YoY to $2.9m (RMB14.67b) as at 30 June. Net gearing ratio of the group was 88.2%.

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