China Overseas Grand Oceans Group Ltd. (“COGOGL” or “the Group”, Stock code: 00081) announced its 2011 annual results for the year ended 31 December 2011 (the “Year”) on 28 February 2012.
For the year ended 31 December 2011, the Group’s continuing operations reported revenue of HK$5,165.7 million and gross profit of HK$2,995.6 million. Revenue increased by 47.0% while gross profit increased by 91.7% compared to last year. Profit margin strengthened from 44.5% in last year to 58.0%. Operating profit increased by 70.0% against last year and reached HK$3,406.7 million. Profit attributable to the equity shareholders of the Company was HK$1,815.4 million, representing an increase of 81.3% against last year. Basic earnings per share was HK125.0 cents.
In line with China’s progressive economic development, the Group’s operation has also made good progress with stable growth. During the Year, COGOGL has further penetrated into four third-tier cities in PRC including Jilin, Hefei, Nanning and Lanzhou. As of 31 December 2011, the Group has operated in ten cities in the PRC with a land bank reached 6,445,200 square meters.
Under the existing complicated external conditions, the Group would closely monitor the impacts to the China economy and property market arising from the latest development in the global economic environment and volatile capital market. Going forward, the Group will continue to expand its land bank in selective third-tier cities for a sustainable business growth. With progressive transformation, sustainable development, and high-end production as its key approaches, the Group will also concentrate its efforts to provide innovative market propositions and enhance its marketing capabilities, striving hard to become a high-growth star property developer of the highest potential in the PRC residential property market, accompanying with good customer satisfaction and company goodwill.
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