(Yicai Global) March 18 -- Shares in Country Garden Holdings, China's leading property developer, soared today after the company announced that its 2018 net profit surged nearly 69 percent to CNY48.5 billion (USD7.2 billion).

The Guangdong-based firm's share price [HKG:2007] was up 3.54 percent at HKD11.70 (USD1.49) as of 2.13 p.m. It peaked at a six-month high of HKD11.9 at 1.05 p.m.

Country Garden attributed the earnings growth to continuously expanding sales, adding that revenue rose 67.1 percent to CNY379 billion in 2018. Sales by area gained 23.1 percent to 54.2 million square meters and by value rose 31.3 percent to nearly CNY502 billion, according to the report.

The company also managed to keep on top of its debts, posting a net gearing ratio of 49.6 percent, down 7.3 points from a year earlier. Its cash balance of CNY242.5 billion made up 14.9 percent of total assets.

Editor: James Boynton