Monday, March 31, 2008

China Resources Land 2007 profit up 67%

Hong Kong-listed China Resources Land Ltd (CR Land)<1109>, one of the leading developers in China, announced net profit registered a year-on-year rise of 67% in 2007, powered by more houses sold on the mainland.

The net income for 2007 climbed to HK$1.43 billion, compared with HK$858.7 million a year earlier, said the company in a filing with the Hong Kong Stock Exchange. Operating profit in property sector soared 87% from the previous year to HK$1.2 billion.

Revenue amounted to HK$5.68 billion, up 44% from a year ago for the same period.

CR Land, the real estate flagship of China Resources (Holding) Co, is engaged in developing property in Mainland China in support with a nation-wide strategy and three subsidiaries, CR Land (Beijing), CR Land (Shanghai) and CR Land (Chengdu). It proposed a final dividend of HK$0.074, higher than HK$0.051 in 2006.

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