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China Evergrande FY'17 net profit up 110.3% YOY

China Evergrande Group's net profit for the 2017 full year amounted to 37.05 billion Chinese yuan, up 110.3% from 17.62 billion yuan a year earlier.

Profit attributable to shareholders increased 378.7% year over year to 24.37 billion yuan from 5.09 billion yuan, in line with the Chinese developer's guidance.

The company's EPS totaled 179.5 fen, up from 36.6 fen for the previous year.

Core business profit increased 94.7% on an annual basis to 40.51 billion yuan. China Evergrande generated 311.02 billion yuan in revenue during 2017, up 47.1% from 211.44 billion yuan in 2016.

Total liabilities grew 31.2% year over year to 1.520 trillion yuan from 1.158 trillion yuan, while total assets rose to 1.762 trillion yuan from 1.351 trillion yuan.

China Evergrande said its board does not recommend the payment of a final dividend for 2017. The company, which is undergoing a spinoff reorganization, intends to declare a special dividend in respect of 50% of accumulated distributable profits since 2016 before the reorganization.

As of March 23, US$1 was equivalent to 6.31 Chinese yuan.