China State Cons 2009 net seen up 70 pct -paper
SHANGHAI, Oct 28 (Reuters) - China State Construction Engineering Corp (CSCEC) (601668.SS), China's biggest home builder, expects its full-year net profit to rise at least 70 percent from a year earlier if third-quarter profit trends continue, a state-run newspaper said on Wednesday.
The company, also China's largest listed property developer, said in an exchange filing on Wednesday that its nine-month net profit was 3.67 billion yuan ($537.5 million), up 33.5 percent from the full-year figure for 2008. The company, which listed its shares in Shanghai in July, did not give year-ago comparisons.
Its third-quarter net profit was 1.32 billion yuan.
The official China Securities Journal reported that the company said separately that its full-year net profit would rise 70 percent or more from last year if the fourth quarter achieved the same average profit levels as the third.
China's property market has picked up this year, bolstered by Beijing's massive 4 trillion yuan stimulus programme and a surge in bank lending as China moved aggressively to prop up economic growth while the financial crisis battered the global economy.
China Vanke (000002.SZ), China's second-largest listed property developer, earlier this week posted a 30 percent rise in nine-month profit to 2.96 billion yuan. [ID:nPEK279162]
The China Securities Journal also highlighted improved cost controls in China State Construction's latest earnings report.
The company's July IPO, which raised $7.3 billion, was the world's largest in a year.
Its shares surged more than 50 percent on their debut day of trade on July 29 from their 4.18 yuan IPO price, as a resumption of mainland IPOs after a 10-month suspension was met with speculative fervour in the market.
Worries about stretched valuations for Shanghai's rallying stocks, as well as rising supplies of equity from new share issues and the possibility of changes to ultra-loose monetary policies, have since cooled China's share market.
China State Construction's shares have eased 20 percent from their debut day close, ending on Tuesday at 5.24 yuan. ($1=6.828 Yuan) (Reporting by Edmund Klamann; Editing by Jacqueline Wong)
