China Overseas Land & Investmentnet profit falls 18.24pc to 7.03 bn yuan

China Overseas Land & Investment (0688) saw a net profit of 7.03 billion yuan (HK$8.2 million), falling 18.24 percent year-on-year for the six months ended June 30. 

Profit before tax amounted to 12.36 billion yuan, while core profit attributable to shareholders, after removing non-recurring items, taxes, interest, was 7.93 billion yuan. 

An interim dividend of 23 HK cents per share was declared.

Revenue during the period rose 17.3 percent to 97.6 billion yuan. 

The developer achieved contracted sales of 134.35 billion yuan in the period, a year-on-year increase of 11.8 percent, with Hong Kong, Beijing, Shanghai, Guangzhou and Shenzhen together accounting for 78.99 billion yuan, 68.6 percent of total contracted sales. 

Notably, Hong Kong delivered a historic high gross contracted sales of above HK$15 billion. 

Meanwhile, the company’s commercial property operation revenue reached 3.58 billion yuan in the first half of the year, maintaining stable growth amid market challenges. 

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