Yanlord's net profit crashed to RMB381m due to weaker operating income

But revenue was up by 39.7%.

According to a release, net profit attributable to equity holders of Yanlord Land Group was lower at RMB381 million in 9M 2013 as compared to RMB1.234 billion in 9M 2012 mainly due to the comparatively lower other operating income of RMB874 million, mainly arising from the fair value gain on investment property, net foreign exchange gain and net gain on disposal of available-for-sale investment which occurred in 9M 2012.

Meanwhile, underscored by strong market demand for the Group’s quality developments in the PRC, revenue for the Group recognised in 3Q 2013 and 9M 2013 rose 39.7% and 15.1% to RMB3.508 billion and RMB6.569 billion respectively compared to the same periods in 2012.

This sustained growth in recognised revenue was largely due to a higher achieved ASP of RMB23,962 per sqm in 9M 2013 compared to RMB20,485 per sqm in 9M 2012 due to change in product mix composition. Total GFA delivered during the period was 251,697 sqm.

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