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Sunac forecasts 240% YOY profit climb for 2017

Sunac China Holdings Ltd. anticipates a 240% year-over-year spike in its profit attributable to company owners for the 2017 full year.

The developer, headquartered in Tianjin, China, said in an announcement that the profit jump is expected because of a "significant increase" in revenue of more than 80% for full year 2017, with its gross profit margin also likely to see a boost of approximately 7% year over year.

Sunac also said that in its profit forecast, it accounted for its stake buys in Leshi Internet Information & Technology Corp. (Beijing), Le Vision Pictures (Beijing) and Leshi Zhixin Electronic Technology (Tianjin) Ltd., through a 15.04 billion-yuan deal that was signed in January 2017. The developer also included gains it received from its purchase of property developments in its forecast.

Sunac added that its earnings results for the year ended Dec. 31, 2017, would be released in late March.

As of March 5, US$1 was equivalent to 6.35 yuan.