CIFI to slow land buying but profit climbs

Business | Kevin Xu 14 Aug 2019

Chinese developer CIFI Holdings (0884) said its core net profit for the six months ended June 30 increased by 17.3 percent year-on-year to 2.87 billion yuan (HK$3.18 billion).

Profit attributable to shareholders fell by 6.6 percent to 3.19 billion yuan. The company declared an interim dividend of 8.93 fens per share.

Lin Zhong, chairman of CIFI Holding, said the company will slow land acquisition in August and September.

He added that the company will release a new plan for commercial office properties by the end of this year or the start of next year.

Shares of the company declined 4.95 percent to HK$4.22.

Meanwhile, mainland developer Yuexiu Property (0123) reported its net profit for the first half this year rose 42.4 percent year-on-year to 1.87 billion yuan (HK$2.08 billion), with an interim dividend of 5.3 HK cents declared. It increased 26.2 percent in terms of HK dollars compared with a year ago.

Revenue for the company surged 1.14 times from the same period of last year to 21.79 billion yuan, with the total contracted sales increasing 31.9 percent year-on-year to 36.9 billion yuan. That accounted for 54.3 percent of Yuexiu's full-year contracted sales target of 68 billion yuan.

Greenland Hong Kong (0337) issued a profit alert, saying the company expects to record a net profit growth of no less than 90 percent for the six months ended June 30, compared with the same period last year, mainly attributable to an improvement in gross profit margin.

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