Revenue, however, was boosted by higher average selling price.
Yanlord Land Group's profits in the first quarter of 2018 slipped 15% in a year from $196.65m (RMB934.11m) to $167.81m (RMB797.1m). Meanwhile, revenue rose 14% to $1.51b (RMB7.19b).
According to its financial statement, the jump in revenue was primarily attributable to a significant increase in the average selling price (ASP) per square metre (sqm) arising from the increases in ASP per sqm of existing projects and changes in product mix composition to include higher-priced projects, which partly offset by the decrease in gross floor area (GFA) delivered to customers in current reporting period.
Yanlord on the Park and Yanlord Western Gardens in Shanghai accounted for 74.3% and 13.7% of the gross revenue from property sales.
The ASP per sqm of existing projects such as Yanlord Western Gardens and Yanlord Eastern Gardens in Shanghai, Tang Yue Bay Gardens in Suzhou, and Yanlord Marina Centre – Section B in Zhuhai, "rose steadily."
Other contributors to revenue mainly included rental of investment properties as well as the provision of property management services and other ancillary services.
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