Gemdale Third Quarter Net Income Falls 99% on Year

(Updates adding sales in second paragraph.)

Oct. 21 (Bloomberg) -- Gemdale Corporation’s third-quarter net income fell 99 percent from a year earlier as revenue declined and costs increased.

Net income fell to 1.54 million yuan ($241,000) from 112 million yuan a year earlier, the Chinese property developer said in a statement today. Sales fell 24 percent to 1.3 billion yuan, and the cost of sales jumped 70 percent to 224.9 million yuan.

Gemdale gained 0.2 percent to 4.42 yuan in Shanghai trading today, before the earnings.

--Daryl Loo. Editor: Joshua Fellman

To contact Bloomberg News staff for this story: Daryl Loo in Beijing at dloo7@bloomberg.net

To contact the editor responsible for this story: Jason Gale at j.gale@bloomberg.net