China Overseas H1 profit up 66.7%

China Overseas Land & Investment (0688.HK) announced today that profits in the first half of 2010 rose 66.7%, Dow Jones reported. It attributed the dramatic improvement to high property sales and better margins, and said it is maintaining its forecast for 20% growth in net profit margin despite government tightening measures. Net profits were US$652.9 million in the first six months ended June 30, and revenues rose 13.4% with mainland sales constributing 96.6% of total revenue. The firm plans to sell 4.8 million square meters of property this year and complete six million sq m of new projects.  China Oversease chairman Kong Qingping said he expects more land acquisitions in the second half as the government releases more land inventory onto the market. Government data showed that the nationwide index of property prices remained flat in July from June.