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Shenzhen Overseas Chinese Town forecast 4.24% drop in H1 profit

Jul. 26, 2012 (China Knowledge) - Shenzhen Overseas Chinese Town Holding<000069>, controlled by OCT Enterprises Co, said  yesterday that it expects its net profit to fall 4.24% YoY to RMB 1.05 billion in the first half of this year.

Basic earnings per share were estimated at RMB 0.14 during the period, said the company in a statement.
The company's operating revenue was forecast to increase 15.20% YoY to RMB 13.45 billion.

The company attributed the decline in net profit in part to higher income tax rate.

In the first three months of this year, the company's net profit grew 11.46% YoY to RMB 291.03 million and its core business revenue rose 13.39% to RMB 2.54 billion.

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