Greentown Management Shares Rise After First-Half Profit Jumped 33%

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By Clarence Leong

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Shares of Greentown Management Holdings Co. rose after the company posted a 33% jump in profit for the first six months.

The Chinese company’s stock rose as much as 10% in Thursday morning trade in Hong Kong. It was last up 4.7% at HK$6.30, taking year-to-date gains to 20%.

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The Hangzhou-based property development manager’s first-half net profit rose to 360.8 million yuan (US$53.4 million) from CNY270.4 million a year earlier, it said in a filing late Wednesday.

Revenue climbed 16% to CNY1.26 billion.

Analysts at Citigroup said in a note that Greentown Management’s strong performance “further solidifies its outlook” for profit growth and market-share gains. The US bank reaffirms its buy rating on the stock with a target price of HK$8.12.

During the period, the company’s revenue from government-project management advanced 74% to about CNY381 million, which it partly attributed to Beijing’s “common prosperity” drive. It said the policy has ushered in changes in China’s real-estate market, with an expansion of government services and a surge in land acquisitions by local state-owned enterprises.

Hong Kong’s benchmark Hang Seng Index was recently up 0.2% at 20710.67.

Write to Clarence Leong at [email protected]

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Credit: www.marketwatch.com /

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