Yuexiu Property 1H net down 28% to Rmb1.68bn; div HK4.9 cts

    Yuexiu Property (00123) said its profit attributable to equity holders for the six months ended 30 June 2014 dropped 28.4% year-on-year to Rmb1,676 million.
  Its basic and diluted earnings per share were Rmb17.98 cents.
  The revenue was Rmb6,326 million, an increase of 4.4% from a year earlier.
  Core net profit (profit attributable to equity holders excluding fair value gains on revaluation of investment properties and the related tax effect and foreign exchange loss/gain) was around Rmb992 million, an increase of 10.5% comparing with the corresponding period of last year, core net profit margin was 15.7%.
  The gross profit margin reached about 34.4%, a decrease of 6.5 percentage points with the corresponding period of last year, mainly due to the difference of product mix, specifically more commercial properties with high gross margin were recognized in the same period of 2013.
  In the first half of 2014, Yuexiu Property recorded an aggregate contracted sales value (including contracted sales by joint venture projects) of about Rmb10,630 million, an increase of 23.4% year-on-year, which achieved about 48.3% of the full-year sales targets of Rmb22 billion.
  The proposed interim dividend is HK4.9 cents (2013: HK4.9 cents) per share, payable on or around 5 November.