By Yi Wei Wong
China Overseas Land & Investment Ltd.'s first-quarter operating profit fell 25%, mostly due to lower sales caused by the Covid-19 pandemic.
Operating profit for the quarter was 5.61 billion yuan ($791.9 million), while revenue fell 15% to CNY20.68 billion, the property company said Thursday.
Contracted property sales fell 12%, it said, as the coronavirus epidemic caused significant sales declines for the first two months, before gradually recovering in March.
The company expects a recovery in the second quarter, it added.
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