(29 July 2013) 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 2013 (the “Period”) today.
The Company increased its turnover by 55.9% to HK$8,008.8 million. Operating profit increased by 2.2% against last period and reached HK$2,583.1 million. Profit attributable to the owners of the Company enhanced by 20.2% to HK$1,563.7 million against last corresponding period. Basic earnings per share was HK68.5 cents. The Board declared the payment of a final dividend of HK5 cents per share.
During the Period, the operation strategy of COGOGL for entering into the medium to high-end market in the third tier cities continues to achieve results, with stable improvement in the current period. The Company extended its business to Yancheng, Jiangsu, and successfully acquired three parcels of land in Hohhot City, Yancheng City and Changzhou City with total development area of approximately 1,459,000 sq.m.. As of 30 June 2013, total land bank of the Company is estimated available to build gross floor area of approximately 9,636,700 sq.m. in thirteen cities in PRC.
Faced with the challenges ahead, COGOGL is dedicated to enlarge the operating scale and speed up the pace of development, in order to increase the marginal cost efficiency. The Company has also actively rolled out its investment plans to build up and maintain a sizable quantum of quality land bank at competitive prices, as it is the Company’s firm vision and commitment to become a high-growth star property developer of the highest potential in the PRC residential property market.
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