COLI's Full-Year Results in Line, With Faster Growth Ahead
China Overseas Land & Investment reported full-year 2017 results in line with our estimate. On a comparable basis, core profit excluding valuation gains was CNY 34.3 billion, up 9% year on year. Further excluding foreign exchange gains, core earnings were in line with our projection of CNY 33 billion. Earnings per share came in at HKD 3.72, up 2.2% year on year thanks to a higher weighted average number of shares outstanding resulting from the share placement to Citic in September 2016. COLI...China Overseas Land & Investment is an investment holding company. Co. is principally engaged in property development and investment, real estate agency and management, and treasury operations. Co.'s business activities are principally carried out in Hong Kong, Macau, Guangzhou, Shanghai, Beijing, Foshan, Chengdu, Nanjing, Suzhou and other regions in the China. Co.'s segments include: Property development, which is involved in the proceeds from property development activities; Property investment, which is involved in property rentals; and Other operations, which is involved in real estate agency and management services, construction and building design consultancy services.
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