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China's Greenland Holdings H1 net profit rises 48.4% YOY

Greenland Holdings Corp. Ltd.'s first-half net profit rose 48.40% from a year earlier, buoyed by higher income from infrastructure construction and apartment sales in top-tier Chinese cities.

Net profit for the six months ended June totaled 8.99 billion yuan, up from 6.06 billion yuan a year ago, the Chinese developer said in an Aug. 23 release. EPS increased to 74 fen from 50 fen.

Operating income rose 27.59% to 201.45 billion yuan from 157.89 billion yuan a year earlier, while operating profit rose to 16.93 billion yuan from 11.88 billion yuan.

Operating income from infrastructure construction rose 39% year over year to 107.7 billion yuan. Contracted home sales grew 3% to 167.7 billion yuan in the same period.

As of Aug. 23, US$1 was equivalent to 7.09 Chinese yuan.