China Yuanbang posts 24% drop in full year net profit to $20 million
China Yuanbang Property Holdings has reported a 23.7 per cent drop in full year net profit to 96.3 million yuan ($20 million).
This was despite revenue rising 3.5 per cent to 867.5 million yuan for the year ended June 30.
Revenue was mainly derived from the sale of Phase II of Aqua Lake Grand City in Nanchang, Wenchang Project, Huadu Project (Phase I and II) and Jinshazhou Project in Guangzhou.
The increase in sales was due mainly to the commencement of hand over of the residential units of Jinshazhou Project during the year.