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China Evergrande logs 51.6% YOY drop in H1 attributable profit

China Evergrande Group's profit attributable to shareholders for the six months ended June 30 declined 51.6% to about 14.92 billion yuan from nearly 30.81 billion yuan in the year-earlier period.

Diluted EPS for the first half came to 1.125 yuan, a decline of 48.9% from 2.202 yuan a year ago.

Net profit declined about 49% year over year to approximately 27.06 billion yuan from 53.03 billion yuan in the prior-year period. China Evergrande estimated the fall earlier in August, citing the development of fewer flats as the reason for the decline.

Revenue fell 24.4% year over year to about 226.98 billion yuan from approximately 300.35 billion yuan in the first half of 2018. Revenue generated from the property development segment fell 25.0% to 221.14 billion yuan, which the developer attributed to a 25.8% year-over-year decline in delivered area.

Gross profit dropped 29.0% year over year to about 77.26 billion yuan from roughly 108.86 billion yuan, while core business profit totaled 30.35 billion yuan.

The developer's contracted sales for the first half totaled 281.81 billion yuan, reflecting a gross floor area of 26.20 million square meters.

As of Aug. 27, US$1 was equivalent to 7.16 yuan.