China's Country Garden H2 profit up 7.7 pct, in line with forecasts

HONG KONG, March 12 Wed Mar 12, 2014 12:41am EDT

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HONG KONG, March 12 (Reuters) - Chinese developer Country Garden Holdings Co Ltd posted a 7.7 percent rise in net profit on Wednesday for the second-half of 2013 thanks to record contracted sales.

Based in China's southern province of Guangdong and focused mainly on residential property, Country Garden's net profit for the July to December period was 4.2 billion yuan ($684.02 million), according to Reuters calculations based on the full-year figure.

The profit was in line with a forecast by 22 analysts polled by ThomsonReuters StarMine for a net profit of 4.1 billion yuan and compares to a 3.9 billion yuan profit in the same period a year earlier.

The company said its full-year net profit rose 24 percent to 8.51 billion yuan. The company announced in January it achieved record contracted sales of 106 billion yuan last year, jumping 122 percent.

($1 = 6.1402 Chinese yuan) (Reporting by Clare Jim; Editing by Matt Driskill)

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