China Resources Land 1st Half Net Rose Nearly 30%
By P.R. Venkat
China Resources Land's first-half net profit rose nearly 30% on year because of increased contributions from the developer's investment property business and asset-light management services.
Net profit for the period was 13.74 billion yuan ($1.89 billion), while revenue was nearly flat at CNY72.97 billion, the company said Wednesday.
During the first half, rental income from shopping malls and hotel business grew significantly, according to the company, thanks to the lifting of the Covid-19 restrictions by the Chinese government.
Operating cash flow and the balance sheet remain robust and the company's total interest-bearing debt ratio and net gearing ratio have both decreased to industry-low levels of 39.3% and 28.5%, respectively, the developer said.
For the second half, although the property market will still be confronted with many challenges, "with the implementation of supportive policies such as expanding domestic demand and mitigating risks, the confidence of businesses and residents will gradually recover," the company said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
August 29, 2023 20:14 ET (00:14 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations