(3 August 2010) China Overseas Grand Oceans Group Ltd. (“COGOGL”, “the Group”, Stock code: 00081) announced its 2010 interim results on 3 August 2010.
The Group’s continuing operations reported revenue of HK$1,025.6 million and gross profit of HK$268.1 million for the period ended 30 June 2010, represents a decrease of 9.3% and 25.4% respectively compared to the last corresponding period. Operating profit was HK$146.0 million, representing a decrease of 75.0% over the corresponding period last year. The unaudited consolidated profit of the Group and its subsidiaries attributable to the owners of the Group amounted to HK$52.6 million, representing an increase of 54.5% over the corresponding period last year. Basic earnings per share was increased by 21.5% to HK7.9 cents. The Board believes that it would be in the interests of the Group and the shareholders at this stage to retain funds for the Group’s future expansion of its business. In this respect, the Board did not recommend the payment of an interim dividend.
The Group maintained a land bank of approximately 2.3 million sq. m. in the Mainland China, of which the Group has an attributable interest in 2.1 million sq. m. as at 30 June 2010.
With the completion of the Group reorganization and restructuring on 10 February 2010, the primary focus of the Group is now on the residential and mixed use developments in emerging second tier and third tier cities, as well as selective, smaller scale developments in first tier and second tier cities, if opportunities arise. The primary business of the Group will continue to be real estate development and investment in Mainland China.