Vanke’s core profit increased by 40% in the previous quarter
Vanke (02202) announced that net profit in the third quarter increased by 28.3% to 4.86 billion yuan (RMB. The same below), core net profit of 4.85 billion yuan, up 39.7% year-on-year. Revenue increased by 48.1% year-on-year to 70.05 billion yuan.
The net profit for the first three quarters was 13.98 billion yuan, a year-on-year increase of 26.1%. The gross profit margin of real estate business during the period was 27.8%, up 4.5 percentage points year-on-year.
Affected by the property market regulation and the tightening of monetary policy, coupled with the deterioration of the macroeconomic environment, the mainland property market turned in the middle of the year. Vanke said that due to the adjustment of some urban real estate market, the inventory depreciation provision for its risky projects was made. Therefore, the provision of 4.14 billion yuan, affecting net profit decreased by 1.96 billion yuan.
In addition, Vanke said that in the first three quarters, the company added 177 projects with a total construction area of 35.825 million square meters and an equity area of 54.1%. As of the end of September, the company held cash of RMB 132.77 billion.
The surrender of mortgage interest rate
Vanke fell 0.4% yesterday to close at 23.25 Hong Kong dollars, with a turnover of 490 million Hong Kong dollars, underperforming the industry. Affected by the rumors that the mortgage interest rates in many cities in the Mainland have been lowered, mainland property stocks generally rebounded against the market yesterday. Among them, Longhu (00960) and Sunac (01918) rose 6% and 5.7% respectively, while Xuhui (00884) recorded 8.8%. Increase. Moto issued a report saying that in the context of the macroeconomic downturn, the government may continue to increase liquidity and support the development of the real estate industry as an economic impetus, and believe that if property prices begin to fall, policies may be further relaxed.