China Overseas Land First-Half Net Profit Up 25% to HK$21.65 Billion

China Overseas Land & Investment Ltd.'s (0688.HK) first-half net profit rose 25% from a year earlier on higher property sales and fair-value gains.

The blue-chip developer said Monday that net profit for the six months ended June was 21.65 billion Hong Kong dollars ($2.77 billion), compared with a net profit of HK$17.29 billion a year ago.

Its first-half revenue rose 3.5% to HK$87.20 billion from HK$84.27 billion a year ago. It declared an interim dividend of 35 Hong Kong cents a share, same as last year.

The developer said it expects China's property market to continue growing moderately and market consolidation to accelerate in the second half.

"Such trends present more opportunities than challenges" for the company, it said.

Write to Joanne Chiu at

(END) Dow Jones Newswires

August 21, 2017 00:51 ET (04:51 GMT)