Gross floor area delivered to customers shrank from 83,867 sqm to 68,737 sqm.
Yanlord Group’s profits plunged 59% YoY to $64.3m (RMB323.1m) in Q1 2019 from $158.7m (RMB797.1m) in the same period last year amidst a 50% YoY revenue crash from $1.43b (RMB7.19b) to $720.5m (RMB3.62b).
The revenue decline was attributed to the decrease in average selling price (ASP) and gross floor area (GFA) delivered to customers over the same period in 2018. ASP went down to $8,867.01 (RMB44,550) per sqm. The group delivered a GFA of 68,737 sqm of residential units to customers in the quarter compared to 83,867 sqm delivered in Q1 2018.
However, this was countered by revenue generated from new projects and existing projects, such as Riverbay Gardens, Yanlord on the Park and Sanya Hai Tang Bay - Land Parcel 9, which respectively represent 52.3%, 16.1% and 15.6% of the group's gross revenue from property sales in Q1.
“Whilst near-term volatilities may arise due to the introduction of austerity measures on the PRC real estate sector, we remain confident about the long-term development of the sector,” said Yanlord Group’s chairman and CEO, Zhong Sheng Jian.
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