By Ben Otto

China Overseas Land & Investment Ltd.'s net profit for the first half of the year fell 3.7%, as higher revenue was offset by increased costs and a greater portion of income that went to noncontrolling shareholders.

Net profit for the period was 20.53 billion yuan ($2.97 billion), compared with CNY21.32 billion a year ago, the real-estate developer said Monday.

Revenue rose 11% to CNY88.63 billion, the company said.

China Overseas Land said it is fully confident of China's economic prospects as it emerges from the Covid-19 crisis, adding the company would continue to increase its investment in Hong Kong.

At the end of June, the group had cash amounting to CNY111.38 billion, it said. 



  Write to Ben Otto at ben.otto@wsj.com