March 26, 2018 / 8:42 AM / a month ago

China Evergrande 2017 core profit nearly doubles, beats estimates

HONG KONG, March 26 (Reuters) - China Evergrande Group , the nation’s third-biggest property developer by sales, on Monday said 2017 core profit surged 95 percent to a record high, boosted by the sale of more apartments and the redemption of high-interest perpetual bonds.

Core profit, which excludes revaluation gains, was 40.51 billion yuan ($6.45 billion) for the full year, compared with a consensus forecast of 27.26 billion yuan from 18 analysts polled by Thomson Reuters SmartEstimate.

Net profit surged 110 percent to 37 billion yuan, and revenue increased 47 percent to 311 billion yuan. Total borrowings rose 37 percent to 732.6 billion yuan. ($1 = 6.2841 Chinese yuan renminbi) (Reporting by Clare Jim; Editing by Christopher Cushing)

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