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Fosun International Ltd has 28% rise profit for 2016

Fosun International Ltd. (0656.HK) said 2016 net profit rose 28% from a year earlier, thanks in part to lower taxes.
The Chinese conglomerate said its net profit for the year ended Dec. 31 rose to 10.27 billion yuan (US$1.49 billion) from CNY8.04 billion a year earlier, while its 2016 revenue fell to CNY73.97 billion from CNY78.90 billion a year earlier.
The company proposed a final dividend of HK$0.21 (US$0.027) a share.
Write to Chester Yung at chester.yung@wsj.com

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Bank of Cyprus profit falls 10% in 2016

Bank of Cyprus profit

The bank, however, recorded a modest profit after tax of EUR64 million, compared with a EUR438 million loss a year ago, due to lower costs.
LONDON–Bank of Cyprus Holdings PLC BOCH said Tuesday low interest environment and elevated loan restructuring activity, including debt for property swaps, has led to a drop in 2016 adjusted profit and net interest income.
Net interest income fell 19% to EUR686 million.
The company, which is the single largest credit provider in Cyprus with a 39.7% loan market share, recorded profit, before certain items, of 566 million euros ($614.69 million) for the year ended Dec. 31, 2016, down from EUR632 million in the year ago period.
Common Equity Tier 1 capital ratio stood at 14.5% at Dec. 31, compared with 14.6% at Sept. 30, 2016 London listed shares of Bank of Cyprus at 0849 GMT trading 0.2% lower at 283 pence.

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China profit

Evergrande reported 2016 net profit of 17.62 billion yuan, according to a filing to the Hong Kong stock exchange.
Core profit, excluding revaluation gains and forex losses, was up 89 per cent to 20.8 billion yuan.
It has set a 2017 sales target of 450 billion yuan, up 21 per cent from 2016’s actual sales.
The arrangement was to refinance existing short-term debt with long-term debt, Xia said.
The developer recorded 373.4 billion yuan in contracted sales in 2016, representing 85 per cent growth on year.                Write to Chester Yung at chester.yung@wsj.com

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