Interim Results in Line, Operationally Still Strong Despite Ongoing Shareholder Battle
China Vanke reported first-half 2016 results in line with expectation. Revenue and net profit were CNY 71 billion and CNY 5.4 billion, respectively, up 49% and 10% year on year. Gross margin compressed from 27% to 22%, on account of higher costs of goods sold, reflecting the lower average selling prices of projects that were sold in late 2014 and early 2015. Earnings per share were CNY 0.48, up 9% year on year. The company did not declare an interim dividend, same as a year ago. While the result...
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