Poly Real Estate sees revenue, net profit growth in Q1

Xinhua News,BEIJING
2020-05-03 16:30

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BEIJING, May 3 (Xinhua) -- Poly Developments and Holdings Group Co., also known as Poly Real Estate, reported growth in both revenue and net profit in the first quarter (Q1), despite a drop in sales.

Net profit attributable to shareholders reached 2.38 billion yuan (about 336.61 million U.S. dollars) in Q1, up 2.55 percent from a year ago, the company said in a statement filed with the Shanghai Stock Exchange.

The real estate developer saw its operating revenue grow 5.51 percent year on year to 23.82 billion yuan.

Due to the impact of the COVID-19 spread, contracted sales dropped 35.2 percent to 71.02 billion yuan from January to March, according to the statement.

In terms of floor areas, the company's sales dropped 30 percent year on year to 4.9 million square meters, the statement said.
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