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China Overseas Land Q3 operating profit slips 1.3% YOY

China Overseas Land & Investment Ltd.'s operating profit for the quarter ended Sept. 30 slipped 1.3% year over year.

The company said Oct. 23 that its operating profit for the third quarter amounted to HK$7.42 billion, down from HK$7.52 billion in the prior-year period.

Revenue for the three-month period totaled HK$28.57 billion, up from HK$22.34 billion in the year-earlier period. During the quarter, the Hong Kong-based real estate developer acquired 16 land parcels in China and Hong Kong at an aggregated attributable land premium of HK$37.51 billion. The land parcels comprise a total gross floor area of 3.96 million square meters.

In the year to Sept. 30, the company logged HK$44.03 billion of operating profit, higher than the HK$43.26 billion figure recorded in the prior-year period. Revenue for the nine months rose 9.9% year over year to HK$121.95 billion, the developer added.

China Overseas Land & Investment's contracted property sales for the nine-month period increased 28.2% year over year to HK$290.22 billion from HK$226.43 billion.

As at Sept. 30, the company's had bank balances and cash amounted to HK$99.98 billion, while the net gearing was 39.1%.