No dividend for Evergrande as profit surges to 14.38 billion yuan

China Evergrande Group's (3333) first-half net profit surged 1.2 times to 14.38 billion yuan (HK$17.31 billion), but no interim dividend was declared.

Revenue for the period fell 16.5 percent to 222.69 billion yuan, of which incomes generated from the property development segment decreased by 18.8 percent to 211.95 billion yuan, mainly due to the decrease of the average delivered price, area, and nationwide sales promotion activities.

Contracted sales during the period rose 2.3 percent to 356.79 billion yuan, and the gross floor area of contracted sales increased by 11.3 percent to 43.014 million square meters.

The debt-laden developer said a total of 335.5 billion yuan of borrowings were set to be due in less than 1 year.

It said that it is actively negotiating with suppliers and construction contractors to strive for the resumption of construction work of these projects with the coordination and support of the government and will continue to actively explore the sale of certain interests in China Evergrande New Energy Vehicle Group (0708) and Evergrande Property Services Group (6666) with potential investors.