China Vanke reports 7 pct rise in first-quarter net profits

China Vanke Co, the country's largest developer by market value, said Tuesday that its net profits rose 6.97 percent year on year in the first quarter on stronger sales.
Net profits in the first three months totaled 1.21 billion yuan (185 million U.S. dollars), the company said in a statement filed to the Shenzhen Stock Exchange. Earnings per share stood at 0.11 yuan, a rise from 0.1 yuan in the same period last year.
Revenue climbed 6.2 percent from a year ago to 7.97 billion yuan, the statement said.
The company sold 3.04 million square meters of housing in the first quarter, up 144.6 percent, which drove sales value up 135.3 percent from a year earlier to 35.51 billion yuan, according to the statement.
Vanke attributed its robust sales mainly to its focus on small and medium-sized apartments, saying sales of homes measuring less than 144 square meters accounted for 87 percent of its total sales in the first quarter.
Shares of China Vanke dropped 2.01 percent to close at 8.78 yuan Tuesday.
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