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Guandian Real Estate: Oceanwide Holdings achieves operating income of about RMB8.1 billion and net profit rises by 50% to RMB1.8 billion in the first three quarters


On October 30, Oceanwide Holdings Co., Ltd. disclosed the Q3 report of 2018, which showed that Oceanwide Holdings achieved revenue of RMB8.075 billion in the first three quarters, down 9.39% year on year, and net profit attributable to shareholders of the listed company reached RMB1.817 billion, up 48.70% year on year.

As of September 30, the total assets of Oceanwide Holdings increased by 10.72% to RMB207.909 billion, the total liabilities totalled RMB178.533 billion, and the monetary funds amounted to RMB21.883 billion.

It is learnt by Guandian Real Estate that Standard & Poor's announced earlier this month that it upgraded Oceanwide Holdings' long-term corporate credit rating from CCC to CCC+ with a negative outlook. S&P said that Oceanwide Holdings' refinancing prospect is set to improve over the next 12 months, following the completion of a total of USD800 million in offshore senior bond payments in July and August.

However, given Oceanwide Holdings' high short-term debt levels and large size of total debts, S&P expected that Oceanwide Holdings will continue to face significant refinancing pressure and is unlikely to see substantial improvement in its financial leverage.