(28 February 2014) China Overseas Grand Oceans Group Ltd. (“COGOGL” or “the Company”, Stock code: 00081.HK) announced its annual results for the year ended 31 December 2013.(the “Year”) today.
The Company’s revenue soared by 63.7% to HK$15,905.9 million against last year. As the proportionate contribution from sales in third-tier cities started to dominate in the sales mix, gross profit margin was 33.0%. Operating profit increased by 35.1% against last year and reached HK$5,145.7million. Profit attributable to equity shareholders of the Company increased by 30.6% to HK$3,136.0 million against last year. Basic earnings per share was HK137.4 cents. The Board recommended the payment of a final dividend of HK6.0 cents per share.
During the year, COGOGL succeeded in entering into two new cities including Yancheng and Shaoxing during the year. A total of 13 new acquisitions of land parcels were transacted with an approximate gross floor area of 4,555,300 sq.m. in aggregate added to the Company’s land bank. Total land bank of the Company is estimated available to build gross floor area of approximately 11,658,100 sq.m. in 13 third-tier cities and Beijing in the PRC.
During the past few years, COGOGL has successfully well placed itself to benefit from the ongoing infrastructure investment and the rapid industrialization and urbanization of various inland cities in the PRC. Looking ahead, the Company would continue its dedication to enlarge the operating scale and speed up the pace of development in an orderly manner, so as to increase the marginal cost efficiency. It would also strengthen the system development and speed up the project progress with the enhancement of the complete management capabilities. While pursuing a framework of product standardization and continuous cost savings initiatives over the development projects, the Company would concentrate its efforts to provide innovative market propositions and enhance its marketing capabilities to maintain a high sell-through rate of the inventory. It is the Company’s firm vision to become a high-growth star property developer of the highest potential in the PRC residential property market.
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