Wanda Property reports 14% increase in core profit

Dalian Wanda Commercial Properties Co reported a 14 percent year-on-year increase in core profit attributable to shareholders of 14.82 billion yuan ($2.39 billion), announced the company on Monday. The core profit refers to the profit for the year net of the effect of fair value change.

The nation's biggest commercial developer released the financial results for the first time since its $3.7 billion IPO in December, announcing a 24.3 percent revenue growth in 2014 to about 107.87 billion yuan.

Its earnings per share for 2014 amounted to 6.51 yuan, according to the company's annual report.

The stable gross profit margin mainly benefited from improved leasing and property management businesses, said Wanda, adding that the results demonstrated the company's "strong ability to withstand cyclic risks". Wanda Properties reported a core profit margin of 13.7 percent.

According to the report, the commercial property behemoth operates 107 Wanda Plazas, with a total gross floor area of 21.5 million square meters, and has another 62 hotels in operation in 53 cities.