Core profit of Shimao Property (0813) rose 61% in 1H13 with higher gross margin --------------------------------------------------- Shimao Property announced that net profit rose 11.4% YoY to RMB3.47bn in 1H13. Excluding the fair value changes of investment properties, core profit leapt 60.7% YoY to RMB3bn. Gross margin improved from 33.5% to 35.5%, mainly due to the increase in average selling price (ASP) of its properties sold to RMB11,000/sqm since August last year. As the group has already lift the ASP further to RMB12,000/sqm early this year and it plans to raise the ASP to RMB13,000/sqm in 2H13, the outlook of its gross margin and profit remain positive. Kaiser CHOI.
Posted on: Wed, 21 Aug 2013 02:26:06 +0000
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