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.

Average selling price decreased from 12,128 yuan per square metre last year to 10,563 psm this year.

This was attributable to a lower sellig price of Jinshazhou Project compared to Wenchang Project, which was located at the city centre and was the main revenue contributor for the previous corresponding year.

Earnings per share fell to 14.7 fen from 19.71 fen previously while net asset value per share climbed by 14.5 fen to 96 fen.

The directors have recommended a final dividend of two fen a share.