BRIEF: CR Land stays profitable despite tough property market
China Resources Land Ltd. (1109.HK) reported its profit fell 25% year-on-year in the first half of the year to 10.25 billion yuan ($1.44 billion), as it managed to remain profitable despite China’s tough real estate market. It also managed to keep growing its revenue, which rose 8.4% year-on-year to 79.13 billion yuan during the six-month period.
The company’s property sales during the period totaled 124.7 billion yuan, down 26.7% year-on-year. It added 2.02 million square meters of land to its reserves, bringing its total land reserves to 56.99 million square meters.
The company’s debt situation also remains healthy. As of the end of June, its total borrowings stood at 251.1 billion yuan, while its bank balances and cash reached 118.3 billion yuan. Its net debt ratio stood at 33.6%.
By Lau Chi Hang
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