August 21, 2017 / 4:52 AM / a year ago

China Overseas H1 core profit up 26 pct, raises FY sales target

HONG KONG, Aug 21 (Reuters) - State-owned China Overseas Land & Investment said on Monday its first-half core profit rose 26 percent from a year ago, helped by a property boom in the country.

Core profit, which excludes revaluation gains, grew to HK$ 16.8 billion ($2.15 billion) in the first six months.

China’s seventh-largest developer by sales raised its full-year sales target by 10 percent from an earlier estimated HK$210 billion, as it boosts its property offerings. The homebuilder recorded HK$210.6 billion sales last year.

Net profit during the six months rose 25.2 percent to HK$21.7 billion, the highest ever half-year profit, while revenue was up 3.5 percent to HK$87.2 billion.

Major Chinese developers have so far reported strong results for the first six months, with any impact from Beijing’s stepped up efforts to rein in the real estate market on concerns of a bubble expected to reflect on their financials only next year. ($1 = 7.8231 Hong Kong dollars) (Reporting by Clare Jim; Editing by Muralikumar Anantharaman)

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