China Merchants Property Development (CMPD, 000024.SZ) released Monday evening the financial report for the third quarter of this year, saying its net profit attributable to shareholders in January-September declined 0.97 percent year on year to 2.22 billion yuan.
The company's operating revenue in the first nine months of the year totaled 23.91 billion yuan, up 0.64 percent over the same period of 2014, and the basic earnings per share were 0.86 yuan. In the third quarter, CMPD's operating revenue and net profit reached 5.93 billion yuan and 73.5 million yuan, respectively, down 23.02 percent and 83.85 percent year on year.
The property developer said because of the carry-over progress of some real estate programs, the company's business revenue in the third quarter fell 1.77 billion yuan compared with the same period a year ago and induced in a decline of 20.24 million yuan in gross profit.
The fluctuation of foreign exchange rates in August resulted in greater exchange losses from foreign currency loans, also affecting the net profit. In the first nine months, CMPD's exchange losses included in the financial expenses reached 382.32 million yuan, including 438.31 million yuan recorded in the third quarter, while the amount in the same period of 2014 was 50.15 million yuan.
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