August 24, 2017 / 11:13 AM / 3 months ago

China Vanke H1 core profit up 33.5 pct

HONG KONG, Aug 24 (Reuters) - China Vanke Co , the country’s second-biggest property developer by sales, on Thursday posted a 33.5 percent rise in first-half core profit on higher margins.

The company reported core profit, which excludes revaluation gains, rose to 7.1 billion yuan ($1.07 billion) for the period.

Net profit rose 36.5 percent from a year ago to 7.3 billion yuan, while revenue dropped 6.7 percent to 69.8 billion yuan, due to fewer completed projects during the period.

Vanke had been embroiled in a more than year-long boardroom battle until state-owned Shenzhen Metro Group affirmed control in June by raising its stake to 29.38 percent.

$1 = 6.6605 Chinese yuan renminbi Reporting by Clare Jim; Editing by Himani Sarkar and Mark Potter

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