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China Fortune Land Development net profit up 35.26% in 2017


China Fortune Land Development net profit up 35.26% in 2017

PR Newswire

BEIJING, March 29, 2018 /PRNewswire/ -- According to the 2017 Annual Report issued by China Fortune Land Development (CFLD, 600340.SS) in the evening of March 29, the net profit attributable to the listed company's shareholders totaled CNY 8.781 billion, with a year-on-year growth of 35.26%. The net profit margin reached 14.72%, a record high for the past three years.

Data shows that CFLD had a sales volume of CNY 152.212 billion in 2017, up 26.50% from one year earlier. According to CRIC, a leading real estate data service provider, CFLD's sales volume ranks ninth in China in 2017. The company's monetary funds peaked at CNY 68.105 billion, accounting for 18.12% of the company's total assets and guaranteeing its operation and development.

Unlike traditional real estate companies, the New Industry Cities development is a core part of CFLD's corporate business. In 2017, the income generated from the development of New Industry Cities reached CNY 28.456 billion, a huge increase of 65% from 2016. Its percentage of the total business income increased from 32% to 48%, with continual optimization of CFLD's business structure.

In 2017, CFLD signed 21 New Industry Cities and Towns projects and 635 enterprises in CFLD's industrial parks. New contracted investments rose to CNY 165.06 billion, up 47% from last year.

CFLD intends to distribute cash dividends at CNY 9.00 (tax included) per 10 shares to all shareholders based on a total of 2,954,946,709 shares as of December 31, 2017. Cash dividends totaled CNY 2.659 billion, accounting for 30.29% of the net profit attributable to shareholders of the listed company.

By the end of 2017, CFLD's unearned revenue was CNY 132.476 billion, a year-on-year increase of 29.18%. It is predicted that the unearned revenue will be gradually carried forward to its business income and profit over the next three years.

About China Fortune Land Development Co., Ltd.

Founded in 1998, China Fortune Land Development Co., Ltd. (CFLD) is a leader in the investment and operation of industrial areas in China. Leveraging the company's strong track record and extensive resources, it undertakes master planning and infrastructural development, and transforms rural towns into urban developments. The organization employs more than 28,000 experts who provide innovative and integrated solutions and services to customers in thirteen provinces within China and six other countries so far. Together, these experts innovate to boost the economic and social well-being of people living in the regions and cities located within our industrial zones and parks.

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SOURCE China Fortune Land Development

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