August 22, 2017 / 5:24 AM / 2 years ago

Chinese developer Country Garden H1 core profit rises 35 pct

HONG KONG, Aug 22 (Reuters) - Country Garden Holdings Company Ltd, China’s top property developer by sales, on Tuesday reported an almost 35 percent rise in its core profit over the first six months of the year, helped by a property boom.

The homebuilder which focuses on smaller cities said in a statement its core profit, which excludes revaluation gains, rose to 7.2 billion yuan ($1.08 billion) during the period.

Country Garden, which has an internal target to double sales this year to 600 billion yuan, posted 288.9 billion yuan sales for the first six months, more than double year-ago levels. This helped the company climb two notches to the top developer spot.

Net profit rose 39.2 percent to 7.5 billion yuan, while revenue was up 35.5 percent at 77.7 billion yuan.

Country Garden said it sees further revenue growth in the future given a number of pre-sold but unrecognised projects.

$1 = 6.6560 Chinese yuan renminbi Reporting by Clare Jim; Editing by Himani Sarkar

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