Logan Property core profit jumps by two-thirds as turnover rises 43pc

PUBLISHED : Thursday, 28 August, 2014, 2:18pm
UPDATED : Thursday, 28 August, 2014, 2:18pm

Shenzhen-based Logan Property posted a jump of 66.3 per cent in first-half core profit to 679.6 million yuan (HK$854 million).

Turnover over the period rose 43.4 per cent year on year to 4.78 billion yuan, while net profit, which includes property revaluation gains, soared 195.4 per cent to 1.28 billion yuan. Core net profit margin climbed to 14.2 per cent from 12.3 per cent in December.

Basic earnings per share were 26 fen, the developer said in a filing with the Hong Kong stock exchange. No interim dividend was declared.

Logan said contracted sales for the six months declined 4.3 per cent from the same period last year to 5.54 billion yuan.

The average selling price for the first half fell 6.5 per cent to 7,045 yuan per square metre. The decrease was mainly due to changes in the portfolio of products for sale.

Logan is chaired by chief executive Ji Haipeng, whose daughter Perenna Kei, a non-executive director, owns 85 per cent of the company. Forbes magazine named her the world’s youngest billionaire, with a net worth of US$1.3 billion, in March.