HONG KONG, March 22 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)