Chinese developer Yanlord Land's Q1 earnings soar 295%

Higher contributions from its projects in China helped property developer Yanlord Land Group deliver stronger results for the first quarter on Wednesday.

The China-focused firm said net profit for the three months ended March 31 rose to 266 million yuan (S$54.8 million), almost quadruple the 67.3 million yuan recorded in the same period a year ago.

Turnover for the quarter rose 5 per cent to 1.76 billion yuan.

Growth in its projects' selling price per square metre, rental inome from its investment properties and fees from property management services contributed to higher earnings, the firm said.

Earnings per share for the three-month period was 13.65 fen, up from 3.45 fen in the same period a year earlier.

Net asset value as at March 31 was 9.27 yuan, up from 9.2 yuan as at Dec 31 last year.

Yanlord Land's shares closed one cent up at $1.12 on Wednesday.