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NVL - Financial income gains bolster 2016 results - Earnings Flash

NVL released modest Q4 results, which were broadly in line with our full year estimate. 2016 earnings grew 300% driven largely by financial income gains from a revaluation of its investment in a subsidiary. In 2016, due to impressive selling progress at the Lakeview City and Sun Avenue projects, NVL reached a new high record for contract sales value, which was also in line with our estimate in our recent initiation report.