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Guorui Properties' H1'17 profits expected to tumble up to 40% YOY

Guorui Properties Ltd. expects to register a 30% to 40% year-over-year slump in unaudited profit attributable to its owners, for the six-month period ended June 30.

The "uneven progress of delivery and settlement" of properties the company disposed of was cited as the reason for the projected decline, according to a press release.

Meanwhile, accumulative contracted sales in the first half, pending delivery and settlement, totaled approximately 4.2 billion yuan, with more properties expected to be sold in the second half.

The company expects to release earnings figures for the first half of 2017 "in the near future."

As of Aug. 9, US$1 was equivalent to 6.68 Chinese yuan.