China's largest property developer says H1 profit up 34.4 pct YoY

SHANGHAI Sun Aug 24, 2014 7:58pm EDT

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SHANGHAI Aug 25 (Reuters) - China State Construction Engineering Corp Ltd (CSCEC), the country's largest real estate conglomerate, posted first-half net profit of 11.8 billion yuan ($1.92 billion), up 34.4 percent from a year earlier.

Operating income hit 374.9 billion yuan, an on-year increase of 24.2 percent, according to a filing posted on the Shanghai Stock Exchange on Sunday.

New construction projects rose 9.8 percent to 720 billion yuan, with real estate deals jumping 15.6 percent to 632.3 billion yuan. Infrastructure business fell by 20.8 percent to 82.8 billion yuan.

Real estate sales fell 13.5 percent to 68.2 billion yuan, with the total sales area sold down 21 percent to 5.27 million square metres.

CSCEC added about 7.6 million square metres (82 million square feet) of land reserves for a total of about 66.6 million square metres in the land bank.

CSCEC said it aims to achieve a new annual contract total of 1.2 trillion yuan by year end, with a sales income of 750 billion yuan.

The company's shares closed at 3.19 yuan on Friday, and have risen by 6.7 percent over the past month. (1 US dollar = 6.1510 Chinese yuan) (Reporting by Engen Tham; Editing by Stephen Coates)

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