Chinese private-run property developer Longfor Group said its revenue declined by 34.6% year over year in the first half of the year to 62.044 billion yuan. Net profit reached 8.058 billion yuan, up 7.7%, with EPS at 131.6 cents.
An interim dividend of 32 cents was declared, compared to the 33 cents in the same period last year.
Core net profit attributable to shareholders rose by 0.6% to 6.59 billion yuan. Gross profit fell 31% to 13.9 billion yuan, with a gross profit margin of 22.4%. Core net profit margin was 12.6%, and core net profit margin attributable to shareholders was 10.6%.
The company’s contracted sales reached 98.52 billion yuan, rising by 14.8% from a year earlier, with a total gross floor area of 5.799 million square meters. The average selling price was 16,987 yuan per square meter.
The net debt to equity ratio was 57.2%. Cash in hand was 72.43 billion yuan. Consolidated total borrowings was 207.09 billion yuan and average cost of borrowing was 4.26% per annum.