(31 July 2014) China Overseas Grand Oceans Group Ltd. (“COGOGL” or “the Company”, Stock code: 00081.HK) announced its unaudited interim results for the six months ended 30 June 2014 (the “Period”) today. During the period, revenue was HK$7,893.9 million. Operating profit was HK$1,985.0 million. Profit attributable to the owners of the Company was HK$1,074.2 million. Basic earnings per share was HK47.1 cents. The Board declared the payment of an interim dividend of HK4 cents per share.
COGOGL expanded into Shantou, Guangdong, the PRC during the period. At the same time, the Company successfully bid for 4 land parcels in Lanzhou, Shantou, Yangzhou and Nanning. As at 30 June 2014, total land bank of the Company is estimated available to build gross floor area of approximately 13,057,100 sq.m. in 15 cities in the PRC.
In response to the impact that macroscopic economic adjustments have modestly affected the short term demands in the property market, especially in the third-tier cities, the Company reacted spontaneously with adapted market strategies to boost sales and improve the sales-through rate. The Company has continued to enlarge the market share in the third-tier cities. Accordingly, the operation result recorded sustainable improvement. COGOGL is dedicated to enlarge the operating scale and speed up the pace of development, in order to increase the marginal cost efficiency, as well as to build up and maintain a sizable quantum of quality land bank at competitive prices. To cope with the changing market environment, the Company will continue to evolve new marketing methodologies, speed up sales programs and promote the sell-through rate of the inventory. The Company will also stay steadfastly on track to carry out its strategic plans. Our vision fully embraces the government’s urbanization policy, with a firm commitment to become a high-growth star property developer of the highest potential in the PRC residential property market.
Note:In view of the uncertainties involved in investment and sales process, there may exist discrepancies between the above figures and those disclosed in our regular reports. As such, the above is only for reference purpose.
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