YANLORD

YANLORD posted a 9% rise in 2Q10 net profit to $99.9m due to an increase in GFA delivered. Revenue grew 1% yoy to $622.1m during the quarter, while GPM inched up 1.3% points to 63.4%. Besides the continuing delivery of its existing project at Yanlord Riverside City (Phase 3) in Shanghai, the group also delivered two new projects namely Yunjie Riverside Gardens (Phase 2) in Shanghai and Yanlord Peninsula (Apartment-Phase 2) in Suzhou in the second quarter.

This raised its GFA delivered in the second quarter by 7.3% to 132,638 sq m. ASP held steady at 23,156 yuan per sq m, compared to 23,152 yuan per sq m in the Q2 last year.In 2H10, Yanlord will launch a new batch of its existing projects, namely Yanlord G53 Apartment in Nanjing, Yanlord Townhouse in Shanghai and Yanlord New City Gardens (Phase 2) in Zhuhai. It will also commence the construction of Yanlord Sunland Gardens (Phase 1) in Shanghai & Yanlord Yangtze Riverbay Town (Phase 3) in Nanjing.

As at June 30, the group had total pre-contracted sales of about $1.13bn which will be progressively recognised as revenue in subsequent financial periods.