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HNA Group trims debt nearly 11 percent, or $11.6 billion, in first half

Published 09/01/2018, 02:38 AM
Updated 09/01/2018, 02:40 AM
© Reuters. A HNA Group logo is seen on the building of HNA Plaza in Beijing
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SHANGHAI (Reuters) - China's HNA Group reduced its debt load in the first half of 2018 as the company sold off assets acquired under a high-profile acquisition spree helmed by its former chairman, according to the company's latest financial report.

HNA Group's total debt stood at 657.41 billion yuan ($96.25 billion) at the end of the first half, down 10.7 percent or $11.6 billion from the end of 2017.

Despite the reduction, the group's total debt to EBITDA was 21.36 times at the end of the first half.

The company reported a first-half net profit of 1.3 billion yuan.

HNA's push to sell off assets, under pressure from Beijing, follows a $50 billion spree led by former co-chairman Wang Jian that saw HNA accumulate assets ranging from a stake in Deutsche Bank AG (DE:DBKGn) to high-profile overseas properties.

Wang died during a business trip in France on July 3.

In early August, HNA Group announced a management reshuffle, in a move to calm worries about leadership at the conglomerate.

© Reuters. A HNA Group logo is seen on the building of HNA Plaza in Beijing

($1 = 6.8300 Chinese yuan)

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