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China State Construction 2013 net profit up 30 pct, beats forecasts
March 17, 2014 / 5:36 AM / 4 years ago

China State Construction 2013 net profit up 30 pct, beats forecasts

HONG KONG, March 17 (Reuters) - China State Construction International Holdings Ltd said on Monday its full-year net profit for 2013 rose 30 percent, beating forecasts, as it benefited from large-scale government projects in the mainland.

Net profit for the contractor and property developer, which focuses on steel structures in China and Hong Kong, was HK$2.77 billion ($356.70 million), compared to a median forecast of HK$2.63 billion by Thomson Reuters Starmine.

“The implementation of the (government) 12th five-year-plan, as well as the urbanisation has created a huge market for steel structure construction,” it said in its earnings statement.

The company forecast a decline in government spending on infrastructure this year, as China’s economic growth slows, but said it expected construction of mass-market housing to remain robust.

The company, which has a market value of $5.7 billion, said in January that its 2014 target for new contracts was no less than HK$55 billion, higher than the HK$45.53 billion recorded last year.

For the full earnings statement, click: ($1 = 7.7657 Hong Kong Dollars) (Reporting by Clare Jim; Editing by Miral Fahmy)

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