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Shui On Land expects at least 50% YOY climb in FY'17 attributable profit

Shui On Land Ltd. is anticipating its attributable profit to grow by at least 50% for the year ended Dec. 31, 2017, in comparison to the nearly 1.09 billion yuan that it recorded for the financial full year 2016.

Based on a preliminary review of its accounts, the company is also projecting a year-over-year decrease of at least 15% in its net gearing for fiscal year 2017.

The Shanghai-based diversified developer attributed the bullish forecast to the margin improvement from its recognized property sale during the reporting financial year, as well as to the various asset sales that it contracted in the same period. Moreover, the company said the appreciation of the yuan in the last six months of 2017 also benefited the financial performance of the group.

As of Feb. 23, US$1 was equivalent to 6.33 yuan.