August 23, 2018 / 4:43 AM / 3 months ago

China Overseas Land H1 core profit rises on higher margins

HONG KONG, Aug 23 (Reuters) - State-owned China Overseas Land & Investment Ltd said on Thursday its first-half core profit jumped 14.3 percent from a year ago, boosted by higher margins.

Core profit of the country’s seventh-biggest property developer by sales, which excludes revaluation gains and non-recurring items, came in at HK$19.2 billion ($2.45 billion) in the first six months.

“The group expects to see tighter regulation and control of the real estate market in the second half of the year, likely depressing prices, sales and potentially stimulating market volatility,” Chairman and CEO Yan Jianguo said.

First-half net profit rose 7.2 percent to HK$23.2 billion, while revenue was up 1.6 percent at HK$88.6 billion.

Shares of China Overseas dropped 2 percent before the results were announced.

$1 = 7.8494 Hong Kong dollars Reporting by Clare Jim; Editing by Sherry Jacob-Phillips

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