China Resources' Interim Results Lower but Operationally on Track, Balance Sheet Stretched
China Resources Land reported interim 2017 results with core profit attributable to shareholders of HKD 3.3 billion, down 48% year on year. This is about 18% of our full-year estimate. Revenue was HKD 35 billion, down 21% year on year. Gross margin improved one percentage point to 34.9%. EPS was HKD 0.738, down 33% from the same period last year. The company declared an interim dividend of HKD 0.10 per share, up 8.7% year on year. While the numbers are weak, attributed to slower than expected bo...China Resources Land is an investment holding company. Through its subsidiaries, Co. is engaged in the development and sales of developed properties, property investments and management, hotel operations and the provision of construction, decoration and other property development related services in the People's Republic of China. As of Dec 31 2014, Co. operated in four segments: sale of developed properties, property investments and management, hotel operations, and construction, decoration services and others.
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