Poly Developments 1Q earnings In-Line, Moderate Growth and Continued Deleveraging Ahead
Poly Developments and Holdings Group reported first-quarter revenue and earnings of CNY 22.6 billion and CNY 2.3 billion, respectively. The top line and earnings were up 12% and 23% year on year. The strong earnings growth was mainly due to lower operating expenses. Net gearing was lower for the quarter, reflecting the deleveraging trend seen over the past two years. First-quarter results accounted for 9% and 10% of our full-year revenue and earnings estimates, in line with the run rate seen a y...Poly Real Estate Group is engaged in the real estate development; leasing of Co.'s developed commodity housing; the design of housing engineering; old building relocation; road and earthwork construction; interior renovation; the installation of air-conditioning project and management; property and hotel management; and trading of wholesale and retail. Through its subsidiaries, Co. is also engaged in the community intellectualization of integrated system engineering; club management; construction supervision; the provision of commercial consultation services; field management; and the sale and agent of real estate.
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