Bloomberg News

China Vanke Says 1st-Qtr Profit Probably Rose More Than Half

March 21, 2006

China Vanke Co., the nation's biggest listed developer, said first-quarter profit probably rose more than half from a year earlier as the company sold more apartments. The shares rose.

Vanke, based in the southern city of Shenzhen, posted a profit of 251.9 million yuan ($30.4 million) in the first quarter of 2005. It didn't give an estimate for this year's first quarter in a filing it made today to the Shenzhen stock exchange advising of the expected increase.

The developer's profit in the fourth quarter of 2005 fell to 478 million yuan from 493 million yuan a year earlier, according to figures derived by subtracting nine-month from full-year earnings released by Vanke in a separate statement today. Sales rose to 5 billion yuan from 4.2 billion yuan.

For 2005, Vanke's net income rose 53.8 percent to 1.35 billion yuan, or 0.363 yuan a share, from 878 million yuan, or 0.386 yuan a share in 2004, the statement said. All the earnings figures are based on domestic accounting standards.

Companies listed in China are required to make an announcement should profit rise or fall 50 percent or more.

Vanke's yuan-denominated shares rose 1.1 percent to 5.77 yuan. The company's Hong Kong-denominated shares traded in Shenzhen increased 4.8 percent to HK$8.06.

To contact the reporter on this story: Irene Shen in Shanghai at ishen4@bloomberg.net

To contact the editor responsible for this story: Bruce Grant in Hong Kong at bruceg@bloomberg.net


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