March 22, 2017 / 4:47 AM / 6 months ago

China Overseas Land 2016 core profit lags expectations

HONG KONG, March 22 (Reuters) - China Overseas Land & Investment said on Wednesday its 2016 core profit rose 13.8 percent, lagging analyst expectations after its acquisition of CITIC Ltd’s residential property business.

Core profit excluding revaluation gains grew to HK$31.37 billion ($4.04 billion) last year from HK$27.56 billion in 2015. That compares with a Thomson Reuters SmartEstimate of HK$32.98 billion from a poll of 26 analysts.

The state-owned homebuilder, China’s sixth-largest developer by sales, set its sales target for 2017 at at least HK$210 billion, the same level recorded last year.

Net profit during the period rose 6.9 percent to HK$37 billion, while revenue was up 3.2 percent to HK$164.1 billion.

Excluding the CITIC deal, net profit would have increased 14 percent to HK$38 billion from HK$33.3 billion. ($1 = 7.7665 Hong Kong dollars) (Reporting by Clare Jim; Editing by Stephen Coates)

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