Zhongtian Urban Development Group Co Ltd<000540>, which is principally engaged in the development and management of infrastructure project and real estate business, said that its net profit skyrocketed 302.68% year on year to RMB 329 million in the first nine months of this year.

According to a statement filed with the Shenzhen Stock Exchange, Zhongtian Urban Development reaped RMB 1.04 billion in operating revenue during the reporting period, a year-on-year increase of 130.69%, and its operating profits surged 90.57% from a year ago, reaching RMB 212 million. Earnings per share were RMB 0.58.

In the period from January to September, the enterprise's gross margin was 37.86%, 3.28 percentage points lower than that of the beginning of this year and slightly higher than, the average industrial level of 36.02%.

In addition, the property firm gained around RMB 233 million in non-operating income in the same period, including the RMB 134-million financing support from the local government and nearly RMB 100-million profits from its acquisition in Guiyang, Guizhou Province.

Besides its property projects, the Guiyang-based company also has exploration rights for a 500 million-ton coal mine and for a manganese ore mine with 20 million tons in reserves.

Shares of Zhongtian Urban Development fell 1.18% to close at RMB 19.24 on Monday.