China Vanke's 1Q Earnings Slightly Below Expectations due to Large Minority Interest
China Vanke reported first-quarter results slightly below our projection as earnings growth lagged behind the top line. Revenue and attributable net income were CNY 48 billion and CNY 1.1 billion, respectively, up 59% and 25% year on year, driven by expected higher completions. Gross margin for the quarter was at 35% versus 33% a year ago, but in line with the margin seen for full-year 2018. EPS came to CNY 0.102, up 25% year on year. Revenue and net profit for the quarter accounted for 12% and ...
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