2011-08-09 14:50

China Overseas Land & Investment Ltd, a Hong Kong-based developer controlled by the Chinese construction ministry, said first-half profit climbed 35 percent on gains from one-time items and property sales, Bloomberg reported.

Net income rose to HK$6.8 billion ($871 million), or 83.7 Hong Kong cents a share, from HK$5.1 billion, or 62 Hong Kong cents a share, a year earlier, Bloomberg reported, citing the company's filing to the Hong Kong stock exchange.

Sales rose 25 percent to HK$21.9 billion from HK$17.6 billion, the company said.

The company recorded about HK$1.2 billion from two transactions including the sale of interests in three projects to a real estate fund and the acquisition of the control of China Overseas Grand Ocean Group Ltd, accroding to the statement.