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Poly Developments H1 net profit rises 53.3% YOY

Poly Developments and Holdings Group Co. Ltd.'s first-half net profit rose 53.3% year over year on higher contracted sales of properties.

The Chinese developer on Aug. 13 reported a first-half net profit of 9.96 billion yuan, up from 6.49 billion yuan in the prior-year period. EPS rose to 84 fen from 55 fen.

Contracted sales for the six-month period rose 17.3% year over year to 252.62 billion yuan. Total operating income for the period increased 19.5% to 71.12 billion yuan from 59.52 billion yuan in the prior-year period.

As of Aug. 13, US$1 was equivalent to 7.05 Chinese yuan.