(Hong Kong, 23 March 2015) China Overseas Grand Oceans Group Ltd. (“COGOGL” or “the Company”, Stock code: 00081.HK) announced its annual results for the year ended 31 December 2014 (the “Year”) today.
The Company’s revenue declined by 12.1% to HK$13,981.3 million against last year. Contribution of property sales from third-tier cities represented 97.0% of the turnover. Gross profit margin was 24.1%. Operating profit decreased by 47.8% against last year and reached HK$2,687.1 million. Profit attributable to equity shareholders of the Company decreased by 59.6% to HK$1,267.4 million against last year. Basic earnings per share was HK55.5 cents. The Board recommended the payment of a final dividend of HK1.0 cent per share.
During the year, COGOGL succeeded in entering into Shantou, Guangdong Province during the year. A total of four new acquisitions of land parcels were transacted with an approximate gross floor area of 2,703,000 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 12,071,200 sq.m..
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; also enhance its marketing capabilities to maintain a high sell-through rate of the inventory. Besides that, it will always pay attention to both the international economic situation and the policies of the government, to keep the finance stable. 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.
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.