China Overseas profit declines 39pc to 15.6 billion yuan

Shares of China Overseas Land & Investment (0688) fell by 2.2 percent at one point on Monday after posting a 39 percent drop in net profit to 15.64 billion yuan (HK$16.7 billion) last year. 

The developer also slashed the final dividend by 33.3 percent to 30 HK cents. Together with the interim dividend, the full-year payout for 2024 fell 25 percent to 60 HK cents. 

Core profit, which excluded effects such as after-tax revaluation gains from investment properties and net foreign exchange gains and losses, was 15.72 billion yuan.

Revenue for the year slid 8.6 percent to 185.1 billion yuan, of which sales from property development declined by 9.4 percent to 174.72 billion yuan while those from commercial properties grew by 12.1 percent to 7.1 billion yuan. 

Contracted property sales inched up by 0.3 percent to 310.69 billion yuan in 2024 despite the corresponding sales area falling 14 percent to 11.49 million square meters. 

STAFF REPORTER