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CITIC's FY'17 profit rises to HK$43.90B; dividend up 9%

CITIC Ltd. said March 28 that it posted a profit attributable to shareholders of HK$43.90 billion, or HK$1.51 per share, in 2017, higher than the HK$43.15 billion, or HK$1.48 per share, in the company's restated 2016 results.

The full-year results included a noncash impairment charge of HK$7.2 billion on the Sino-Iron project in Western Australia.

The board proposed a final dividend of 25 cents per share for a total dividend of 36 cents per share for the year, a 9% increase from the total dividend of 33 cents per share distributed in 2016.

Revenue spiked 18% to HK$450.54 billion, from HK$381.66 billion in 2016.

CapEx shrunk 6% year over year to HK$45.32 billion, from HK$48.26 billion.

CITIC's resources and energy segment widened its losses to HK$9.90 billion, from HK$6.87 billion in 2016. Segment revenue amounted to HK$66.67 billion, 22% higher than HK$54.62 billion in 2016.

The resources and energy sector's CapEx increased 11% to HK$5.43 billion.