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Vantone's net income doubles

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2009-02-20 14:12

Beijing Vantone Real Estate Co posted doubled earnings in 2008 and offered a generous dividend payment, despite the market slump.

In a statement to the Shanghai Stock Exchange on Friday, the company said its net profits for 2008 rose 219.78 percent year-on-year to 527.44 million yuan. Earnings per share for the period increased 184.31 percent year-on-year to 1.04 yuan.

The company also offered cash and stock dividends to investors, including a 177.45-million-yuan cash dividend payment, or 0.35 yuan per share.

However, the company is not optimistic about the market prospects for the year ahead. "The company will focus on business development in Tianjin in the coming three years, so it will suffer more regional market risks, which may affect the company's profitability," the statement said.

The sluggish market in 2008 has also created problems for the real estate sector in 2009, with fewer advances from customers being converted into sales.

According to the company's financial report, advances from customers dropped 66.47 percent from the beginning of the year to 1.065 billion yuan, while the amount was 3.176 billion yuan at the beginning of 2007.