China Resources Land core income rises to 21.6b yuan

Business | 26 Mar 2020 2:08 pm

China Resources Land (1109) said today, core profit for the year ended December 31, 2019, increased by 12.2 percent to 21.65 billion yuan, from the year before.

This excludes the revaluation gain from investment properties.

Net profit including the revaluation gain from investment properties increased by 18.3 percent on-year to 28.67 billion yuan.

Revenue grew by 12.9 percent to 147.74 billion yuan.  Development property revenue increased by 21 percent to 127.20 billion yuan. Rental income of investment property (including hotel operations) was up by 26.3 percent to 12.03 billion yuan.

Booked gross floor area was 7.53 million square meters, up by 23.9 percent  compared with 6.08 million square meters in 2018.

As of December 31,  the group said it had has locked in unbooked contracted value of 223.93 billion yuan, subject to recognition in 2020 and years to come, among which, 128.69 billion yuan will be recognized in 2020 as development property revenue.

In  2019, the group acquired land bank of 20.20 million square meters.

Earnings per share grew by 17.7 pecent to 4.12 yuan, compared with 3.50 yuan in  2018, while core earnings per share increased by 11.6 percent to 3.11 yuan.

China Resources Land recommended a final dividend of 0.937 fen per share (equivalent to HK$1.026). Together with the interim dividend of 0.129 fen per share (equivalent to HK$0.144), the total dividend for 2019 was up by 0.7 percent to 1.066 per share (equivalent to HK$1.170), the company said.

Consolidated gross profit margin fell to 37.9 percent from 43.4 percent in 2018.


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