China Resources Land says H1 core profit up 84 pct

HONG KONG Tue Aug 19, 2014 12:56am EDT

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HONG KONG Aug 19 (Reuters) - Chinese developer China Resources Land Ltd said on Tuesday its core profit was up 83.7 percent and it is confident it will reach its full-year sales target even though it has only achieved 43 percent of it in the first seven months.

The company said its core profit in the first six months was HK$3.7 billion ($477.41 million), while net profit climbed 13.4 percent to HK$5.0 billion, compared to HK$4.4 billion a year earlier.

"Under the backdrop of an improving macro economy, gradually easing of credit policy, loosening of home purchase restrictions in more cities, the group is confident to achieve its full-year contracted sales target with more new saleable resources available in the second half of 2014," the company said in a statement.

Shares of China Resources Land gained 4.5 percent before the announcement, outperforming a flat broader market.

($1 = 7.7502 Hong Kong dollars) (Reporting by Clare Jim; Editing by Matt Driskill)

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