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Vanke shares rise on H1 profit gain
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Shares of China Vanke Co rose yesterday after the nation’s biggest developer by market value reported a 22 percent increase in profit in the first half of this year from a year earlier.
Shenzhen-listed Vanke gained 0.5 percent to 9.98 yuan (US$1.62) yesterday after posting a net profit of 4.56 billion yuan during the first six months, up from 3.73 billion yuan in the same period a year ago.
But gross margin shed 3 percentage points from a year ago to 33.6 percent by the end of June due to discounted sales, Han Siyi, analyst at Shenyin and Wanguo Securities, said in a report.
Vanke’s revenue for the whole year is expected to grow 34 percent to 180 billion yuan. Meanwhile, sales in the first seven months rose 34 percent from a year ago to 97.7 billion yuan.
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