China Overseas Land operating profit climbs to 6.1b yuan

Mainland developer China Overseas Land & Investment (0688) said operating profit climbed by 10.3 percent to 6.18 billion yuan (HK$7.4 billion) in the first quarter this year.

Revenue grew by 31.9 percent to 27.28 billion yuan.

Contracted property sales jumped by 49.7 percent to 89.41 billion yuan due to a low base a year ago, when the domestic market was reeling from the coronavirus disease pandemic.

The developer acquired eight sites in seven mainland cities for 17.63 billion yuan, adding a total gross floor area of 1.84 million sq m.

Balances and cash amounted to 90.06 billion yuan while the net gearing was 40.1 percent as of March 31.

Shares of China Overseas Land & Investment slid by 0.51 percent at HK$19.46 as of 2:10 pm.