Vanke posts 32% profit surge in 2009
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China Vanke Co, the country's largest real estate developer, said Monday its net profit rose 32 percent year-on-year in 2009 amid a strong rebound in the nation's property market.
Net profit amounted to 5.3 billion yuan ($776 million) last year, and the company's business revenue jumped 19.2 percent to stand at 48.88 billion yuan, Vanke said in its annual report filed to the Shenzhen Stock Exchange Monday night.
Earnings per share grew 29 percent from a year earlier to 0.48 yuan in 2009, according to the report.
The company announced in early January that its floor space sold last year rose 19.1 percent from a year earlier to 6.63 million square meters. Figures from the National Bureau of Statistics showed China's home prices in 70 large- and medium-sized cities rose 1.5 percent in 2009 year on year.
Vanke forecasted a rosy outlook for the company's profit growth this year as the amount due from customer for contract work would boost the profit in 2010.
The company's share price closed 0.11 percent higher Monday at 9.44 yuan in Shenzhen.
