Coli First-Quarter Operating Results in Line With Slightly Improving Margin
China Overseas Land & Investment, or Coli, had largely in line first-quarter results with sales performance that is decent compared with its peers. The company reported first-quarter revenue of HKD 28.2 billion and operating profit of HKD 8.7 billion. Compared to the same period a year ago, the top line increased 2%, while operating profit rose 5% on expanding margin. The revenue run rate is about 13% of our full-year estimate, roughly in line with the pace of previous years. The first-quart...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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