Country Garden Holdings' Results a Beat on Faster Booking, Growth to Moderate Ahead
Country Garden reported full-year 2018 results with core profit attributable to shareholders of CNY 34 billion, up 38% year on year. The earnings are 7% higher than our estimate due to higher top line. The company declared full-year dividend of CNY 0.4884 per share, up 38% year on year, Revenue and gross profit totaled HKD 379 billion and HKD billion, up 67% and 74%, respectively, year on year. Gross margin reached 27%, slightly higher from a year ago. The higher top line was attributed to faste...Country Garden Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the property development, construction, fitting and decoration, property management and hotel operation. Co. provides a range of products including residential projects such as townhouses, condos, as well as car-parks and retail shops. Co. also develops and manages hotels within some of its projects, and operates independent hotels. As of Dec 31 2014, excluding Guangdong province, Co. had property development operations in a number of selected locations in 23 provinces/ municipalities/autonomous regions in China.
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