China Vanke Q1 Profit Declines

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China Vanke Co., Ltd.

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(OTC: CVKEF) reported a drop in its net profit for the first quarter.The company's quarterly net profit fell 57.5 percent to 650.2 million yuan ($104.8 million), versus a year-earlier profit of 1.53 billion yuan.Its core profit tumbled to 628.7 million yuan ($101.52 million) in the quarter, from 1.5 billion yuan in the year-ago period.Its revenue shrank 6.4 percent to 8.9 million yuan.Net profit margin shrank to less than 8 percent, compared to 16.1 percent a year earlier.