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China State Construction posts 10.1% rise in profit for H1

Aug. 28, 2012 (China Knowledge) - China State Construction Engineering Corp Ltd<601668>, China's largest property and construction conglomerate, announced yesterday that its net profit rose 10.1% YoY to RMB 6.53 billion in the first half of this year.

Basic earnings per share were RMB 0.22 during the period, according to the firm's interim report.

Operating revenue grew 14.8% YoY to RMB 218.27 billion in the first six months. Revenue from housing construction segment increased 17.4% to RMB 199.7 billion in H1, 14.8% more than in the same period of last year, and the sector's gross profit margin rose 0.8 percentage points to 8.5%, boosting the firm's overall gross profit margin to 12.1% in the six-month period.

Revenue from infrastructure business climbed only 4.2%; YoY to RMB 27.1 billion in H1, and gross profit margin in the segment fell 0.7 percentage points to 10.0%.

The property business generated RMB 21.5 billion of revenue in the period, reflecting a growth of 4.5% YoY, and the gross profit margin fell 2 percentage points to 44.6%. The company's property sales hit a record RMB 60.3 billion in H1, up 25.6% YoY.

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