(Yicai Global) July 13 -- Shares in China State Construction Engineering Corp. advanced today after the world’s biggest construction company by revenue said that it is anticipating net profit to surge as much as 36 percent in the first half from the same period last year due to the low baseline during the Covid-19 pandemic.

China Construction Engineering’s stock [SHA:601668] was trading up 3.27 percent at CNY4.73 (USD0.73) at 1 p.m. China time today.

Net profit for the six months ended June 30 should be in the range of CNY24.5 billion (USD3.8 billion) to CNY27 billion, a between 23.5 percent and 36 percent hike from a year earlier, the Beijing-based company said yesterday. The smooth implementation of inked projects and the growth of its major businesses also contributed to the good performance, it added.

China Construction Engineering penned CNY1.83 trillion (USD283 billion) worth of new contracts in the first half, a year-on-year gain of 21 percent, it said. Of this, property development projects tallied CNY1.61 trillion and real estate sales deals reached CNY219.6 billion (USD34 billion), it added. The construction giant had 118 million square meters of land reserves as of the end of June.

Editor: Kim Taylor