By P.R. Venkat


China Vanke Co.'s first-half net profit rose 11% from a year earlier due to higher contributions from its property services and logistics-and-warehousing businesses.

The Chinese developer net profit was 12.22 billion yuan ($1.77 billion) compared with CNY11.05 billion a year earlier, China Vanke said late Tuesday.

Revenue jumped 24% to CNY206.92 billion.

The company said its property-services business revenue in the first half was CNY14.35 billion, a 38% increase, However, its gross profit margin decreased by 2.2 percentage points from 20.85% a year ago.

As at the end June, cash on hand--including pledged and restricted deposits--amounted to CNY141.07 billion, higher than the CNY62.64 billion sum of interest-bearing liabilities due within one year.

"The current business environment is complex," Vanke said, adding that it aims to maintain its healthy financial position via stable operation. It will also continue to strengthen its cash-flow management, and optimize debt structure and finance costs.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

08-30-22 2031ET