China Fortune Land Development Co ltd (CFLD), recently reported financial results for the quarter ended March 31, 2016. Their first quarter profit has increased by 86.24% to nearly 1.3 billion yuan.
CFLD’s revenue has grown by 50.15% annually to 4.95 billion yuan in Q1 2016.
However, net cash flow from operating activities has dropped by 140.26%.
CFLD took over Hebei Zhongji Football Club in January 2015 and changed its name to Hebei China Fortune Football Club.
CFLD also moved the club from Yutong International Sports Center in Shijiazhuang, the capital of Hebei Province to the Olympic Center Stadium in Qinhuangdao City, Hebei Province.
Hebei China Fortune FC has spent big money on introducing quality foreign football players so as to compete with other giants of the Chinese Super League.
Their biggest import to date was Ezequiel Lavezzi, who transferred to Hebei China Fortune FC from Paris St Germain in February 2016 and earns £400,000 a week.
Source：China Fortune Land Development Co ltd
Proofread by Sean O Diobhilin