Poly Real Estate's 1Q Earnings Flat, Balance Sheet Stretched Further
Poly Real Estate Group reported first-quarter revenue and earnings of CNY 20 billion and CNY 1.9 billion, respectively. While the top line was up 12% compared with the same period a year ago, earnings were flat. This lack of earnings growth was attributed to higher financing costs as well as bigger share of minority interest. Net gearing rose further to above 100%, compared with 93% at year-end 2017. While the results are somewhat weak, the proportion to full-year contribution is small at less t...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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