Financial Street Holdings' H1 net profits up 40 pct

Updated 2017-08-20 12:31:07 Xinhua

Financial Street Holdings, a Beijing-based property developer, said Saturday that its first-half net profits rose 40 percent from one year earlier.

Net profits totaled 1.1 billion yuan (about 159.1 million U.S. dollars) in the first six months, up from 758.6 million yuan during the same period of 2016, the developer said in a statement to the Shenzhen Stock Exchange.

The company said though its contract sales fell 37.2 percent in H1 because of the country's property purchase curbs, incomes from settlement of projects and property leasing grew, boosting its profitability.

Its business revenues surged 62 percent from a year ago to 9.99 billion yuan for January-June, the company said.

It expected net profits to rise by up to 753 percent year on year in the third quarter to 385.5 million yuan, compared with 45.2 million yuan during the same period of 2016.

The company's shares rose 3.2 percent to 11.7 yuan Friday.

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