HONG KONG -(Dow Jones)- Shimao Property Holdings Ltd. (0813.HK) said Wednesday its first-half net profit rose 59% from a year earlier, driven by higher sales.

The Shanghai-based developer said net profit for the six months ended June 30 was CNY3.8 billion, up from CNY2.4 billion a year earlier.

Revenue rose 21% to CNY12.2 billion from CNY10.0 billion.

The company declared a first-half dividend of HK$0.22, up from HK$0.15 last year.

Copyright © 2011 Dow Jones Newswires

Read more: http://www.foxbusiness.com/industries/2011/08/31/shimao-property-1st-half-net-profit-up-5-on-strong-property-sales/#ixzz1Wgx3JtYZ

Source:foxbusiness