Tianjin-based property developer Sunac China Holdings announced a sharp rise in its revenue for the financial year ended December 31, 2011. Revenue for the reporting period rose by 59.4 per cent year-on-year to 10.6 billion yuan (HK$13.1 billion), while operating profit rose 41.2 per cent to 3.72 billion yuan.
Net profit attributable to shareholders increased by 52.8 per cent from 2010 to 2.36 billion yuan last year.
Last year, the group focused on developing properties in six mainland cities: Beijing, Tianjin, Chongqing, Wuxi, Suzhou and Yixing.
The group continued to deliver a solid performance, achieving satisfactory growth in its core businesses.
Revenue was substantially generated from sales of residential and commercial properties. Only a minor portion of the group's revenue was derived from the rental of investment properties located in Tianjin and from the income from property management services.
The company says in a statement that it achieved its sales target last year, despite a tough environment where stringent property market adjustment measures continued to be implemented. Sales reached 19.21 billion yuan, representing an increase of 130.5 per cent from 2010.