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Zall Group books 16.1% YOY rise in FY'17 profit, plans name change

Zall Group Ltd.'s group revenue for the 12-month period ended Dec. 31, 2017, climbed 1,733.7% year over year to about 22.25 billion yuan.

The China-based real estate developer attributed the increase primarily to the offsetting effect of the substantial increase in revenue from supply chain management and trading business, the increase in rental income and revenue from e-commerce and financial service business and the decrease in revenue from construction contracts, as well as from sales of properties.

Full-year profit attributable to company equity shareholders totaled 2.38 billion yuan, up 16.1% year over year. EPS was recorded at 21.23 fen per share, an increase of 11.3% from 19.07 fen per share a year ago.

The company's board proposed a final dividend of 2.58 Hong Kong cents per share for the year ended Dec. 31, 2017.

Separately, the company said it plans to change its name to Zall Smart Commerce Group Ltd. to better reflect the nature of its business. The change will be subject to the approval of the company's shareholders at its May 30 meeting.

As of March 29, US$1 was equivalent to 6.29 yuan.