Poly Developments and Holdings Group Co., also known as Poly Real Estate, reported annual 53.3 percent growth in net profit in the first half of 2019 on rising sales and profit margin.

Net profit reached 9.96 billion yuan (1.4 billion U.S. dollars) in the six-month period, the leading real estate developer said in its interim report filed to the Shanghai Stock Exchange.

Revenue grew 19.5 percent year on year to 71.1 billion yuan.

Its sales value rose 17.3 percent year on year to 252.6 billion yuan while the sales in terms of floor space gained 12.6 percent to 16.4 million square meters.

Its operating profit margin was 24 percent in H1, compared to 21.1 percent in the same period last year and 18.3 percent in the whole of last year.