China Overseas Land & Investment 2018 core profit misses estimates

HONG KONG (Reuters) - State-owned China Overseas Land & Investment Ltd said on Wednesday its 2018 core profit rose 8.3 percent from a year ago, boosted by higher margins.

However, core profit of the country’s seventh-biggest property developer by sales, which excludes revaluation gains and non-recurring items, came in at HK$37.1 billion ($4.73 billion), compared to HK$39.6 billion Refinitiv SmartEstimate.

SmartEstimates improve upon the accuracy of the average estimate by placing a higher weight on recent forecasts and on top-rated analysts.

Net profit during the period rose 10.1 percent to HK$44.9 billion.

Shares of China Overseas were down 2.3 percent before the results were announced during market midday break, versus a 0.5 percent drop in the broader market.

Reporting by Clare Jim; Editing by Rashmi Aich