Interim Results for China Overseas Land & Investment a Slight Beat on Higher Margin
China Overseas Land & Investment, or COLI, reported interim 2017 results slightly better than our expectations due to higher margin. Core profit, excluding the revaluation gain and remeasurement gain was CNY 16.8 billion, up 26% year on year, accounting for 52% of our full-year estimate. While revenue was only up 3.5%, gross profit was up 15% as gross margin expanded 300 basis points year on year to 30.5%. SG&A expenses declined 80 basis points during the period. Core EPS was HKD 1.53, 1...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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