Neo-China Group, a Hong Kong-listed property firm operating in the Mainland, said its net profit dived 41 percent last year as cost of sales more than doubled. Tightened macro controls on residential property purchases and sales as well as curbs on bank lending introduced in the second quarter have reined in prices on the mainland. The developer said net profit was 104.67 million HK dollars (13.4 million US dollars), or earnings per share of 3.78 HK cents, for the full year ended April, compared with a restated profit of 177.82 million HK dollars (22.8 million US dollars), or earnings per share of 9.26 HK cents, a year ago, said the company in a statement. While the company's cost of sales soared 140 percent to 610.6 million HK dollars (78.3 million US dollars) last year, Neo- China's revenue surged 40.9 percent to 671 million HK dollars (83.9 million US dollars). "Our mainland projects are middle- to high-end residential or commercial projects and their customers are self-use residents, so the tightening measures were not so significant to us," said the paper, quoted chairman Li Song Xiao as saying. Neo-China, which focuses on property development and investment in the mainland, said it is developing six projects - three in Beijing, one in Shenzhen, one in Tianjin and one in Chongqing. Total gross floor area of these projects adds up to 3.05 million square meters.