Real estate developer Novaland Group has reported a 24 per cent growth in after-tax profit to over VND2 trillion (US$87.7 million) in 2017.

Real estate developer Novaland Group has reported a 24 per cent growth in after-tax profit to over VND2 trillion (US$87.7 million) in 2017.

Total revenues rose by 58 per cent to VND11.6 trillion ($512 million) as it handed over 3,596 units compared to 3,325 in 2016.

It has continued to focus on housing even while expanding into new products such as hospitality and commercial development.

Its total assets at the end of 2017 increased by 35 per cent from a year earlier to VND49.2 trillion ($2.2 billion) with steep increases in cash and cash equivalents, inventories, investment properties, and long-term investments.

This year, Novaland plans to complete 11 projects and hand over 6,500 units.

It is also launching four new projects in the east of HCM City with 12,000 units.

The company said 2018 would be an important year as it develops hospitality projects in Da Nang, Nha Trang, Da Lat, Ba Ria – Vung Tau, Can Tho, and Phu Quoc. — VNS