March 26, 2019 / 8:55 AM / 7 months ago

China Evergrande 2018 core profit nearly doubles

HONG KONG, March 26 (Reuters) - China Evergrande Group , the country’s third-largest property developer by sales, said its 2018 core profit jumped 93.3 percent from a year ago to a record high as it delivered more properties and slashed costs.

Its core profit, which excludes revaluation gains and non-recurring items, came in at 78.32 billion yuan ($11.67 billion).

Net profit rose 53.4 percent to 37.4 billion yuan, while revenue increased 49.9 percent to 466.2 billion yuan.

Total borrowings amounted to 673.1 billion yuan as of December end, compared with 732.6 billion yuan a year earlier. ($1 = 6.7137 Chinese yuan renminbi) (Reporting by Clare Jim; Editing by Himani Sarkar and Shreejay Sinha)

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