- Tuesday 2010-03-02 10:53
China Vanke (000002), the largest real estate developer in China, recorded a 32.1 percent year-on-year increase in 2009 net profit to 5.33 billion yuan, reports China Securities Journal, citing its Annual Report.
Revenue rose 19.2 percent year-on-year to 48.88 billion yuan in 2009. Basic earnings per share was 0.48 yuan.
Booked area increased 34.1 percent from 2008 to 6.05 million square meters. Booked revenue rose 19.3 percent from a year ago to 48.32 billion yuan.
China Vanke's booked gross margin declined to 21.99 percent. According to Yu Liang, President of China Vanke, this was because most of the booked revenue came from sales in 2008 which was a period of adjustment for the company.
Net margin climbed to 12.25 percent due to effective cost control. Management and sales expenses fell 5.8 percent and 18.6 percent from 2008 to 1.44 billion yuan and 1.51 billion yuan respectively in 2009.
Vanke had 23 billion yuan of cash on hand as of end 2009. Net gearing ratio was 19.7 percent as of end 2009, down 13.4 percentage points from 2008.
The number of new projects hit 44 in 2009 with construction area of 10.36 million square meters. Total construction area reached 24.36 million square meters as of end 2009.
The average floor price of new land obtained in 2009 was 2,401 yuan per square meter. Yu added that the company would not hoard land or acquire land at a high price.
Vanke declared cash dividends of 0.7 yuan (including tax) for every ten shares held, based on total equity of 10.99 billion shares as at end 2009.
