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China Resources logs 8.5% YOY consolidated revenue growth for FY'17

China Resources Land Ltd., after recording an 8.5% year-over-year jump in its consolidated revenue for full financial-year 2017 to HK$118.59 billion, disclosed plans to pursue diversification opportunities in the future.

During the reporting year, the Hong Kong-listed developer logged core profit attributable to the owners of the company, excluding revaluation gain from investment properties, at HK$19.16 billion, 17.7% higher than in the prior-year period. Attributable profit, including the revaluation gain from investment properties, meanwhile, was logged at HK$23.02 billion from HK$19.50 billion in 2016.

Basic EPS during the reporting year came at HK$3.32, an increase of 18.1% from the HK$2.81 logged in financial year 2016. For the year, China Resources Land's board recommended the distribution of a full-year dividend 96.7 Hong Kong cents per share, up 37.4% year over year.

Rental income for the company spiked 21% year on year to roughly HK$8.78 billion for the year ended Dec. 31, 2017, when China Resources Land also added 11.97 million square meters to its land bank.

In its earnings announcement, the company also said it intends to further expand its footprint in China's commercial property sector, especially in the country's first- and second-tier cities.