March 29, 2018 / 1:23 AM / 9 months ago

Sunac China's annual profit more than triples, debt ratio falls

HONG KONG, March 29 (Reuters) - Sunac China, the country’s fourth-largest property developer, said on Thursday that core profit more than tripled, helped by a big jump in revenue.

Core profit, which excludes revaluation gains, was 11.1 billion yuan ($1.8 billion), beating a Thomson Reuters StarMine Smart Estimate of 6.09 billion yuan from a poll of 8 analysts.

Net profit rose more than four times to 11 billion yuan while revenue surged 86 percent to 65.9 billion yuan.

The gearing ratio of the acquisitive Tianjin-based developer fell to 66.9 percent, from 72.2 percent as of 30 June. It vowed in August to slash the ratio to 70 percent by 2019 by slowing its rate of land purchases.

Sunac bought 13 tourism projects in July from conglomerate Dalian Wanda Group for $6.5 billion, in a deal that is likely to widen its debt ratio in the second half of the year. ($1 = 6.2946 Chinese yuan) (Reporting by Clare Jim; Editing by Jacqueline Wong and Edwina Gibbs)

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