China Vanke 4Q net up 35%, beats forecasts

HONG KONG: Fourth-quarter net profit at China Vanke, the country's largest listed property developer, rose 35%, beating forecasts, as residential sales picked up strongly.

China Vanke Co Ltd booked a net profit of 2.37 billion yuan (RM1.18 billion) for the October-December period, against 1.76 billion yuan a year earlier, according to Reuters calculations.

The developer posted a net profit of 5.33 billion yuan in 2009, up from 4.03 billion yuan the previous year, it said in a statement on March 1.

The market had expected Vanke to report a profit of 2.2 billion yuan for the fourth quarter of 2009, according to Reuters' calculations based on a consensus forecast by Thomson Reuters I/B/E/S of 5.16 billion yuan for Vanke's 2009 net income. -- Reuters