Top Biz News

Nine Dragon forecasts 800% profit growth in 2009

(Xinhua)
Updated: 2010-01-27 17:17

Shares in Shanghai Nine Dragon Co Ltd, a Shanghai-based real estate company, dipped 2.97 percent to close at 8.23 yuan ($1.21) on Wednesday despite a forecast jump in annual net profits last year.

Related readings:  Listed realtors may post profits for '09   Economists warn of housing bubbles  Poly Real Estate sees profit surge on property boom  Ways to keep the roof on housing prices

In a statement filed to the Shenzhen Stock Exchange, Nine Dragon said it expected last year's net profit to jump more than 800 percent from 27.7 million yuan in 2008.

The profit rise was attributable to increase of home sales and prices in the last quarter in 2009, the statement said.

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