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China Overseas Land & Investment 2019 Net Profit Rose 10%

   By P.R. Venkat 
 

China Overseas Land & Investment Ltd. said that its net profit for 2019 rose 10%, supported by its property development and investment businesses.

Net profit for the full year was 41.62 billion yuan ($5.85 billion), while revenue grew nearly 14% to CNY163.65 billion, the real-estate developer said on Thursday.

"As the coronavirus disease outbreak was happening in China and other countries during the first quarter in 2020, the business and economic activities have been affected," the company said.

The company said it has enough resources to face any counter-cyclical situations.

At the end of 2019, the group had cash amounting to CNY95.45 billion, it said.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

(END) Dow Jones Newswires

March 26, 2020 00:51 ET (04:51 GMT)

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