(Hong Kong, 18 August 2016) China Overseas Grand Oceans Group Limited (the “Company”; Stock Code: 00081.HK) today announced its unaudited interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2016.
For the six months ended 30 June 2016, the Group’s contracted property sales amounted to HK$11,501.0 million, for an aggregated area of 1,374,400 square metres, representing an increase of 14.2% and 28.2% respectively against the same period last year. The Group’s revenue reached HK$10,287.3 million, increased by 41.3% against the corresponding period last year. Operating profit amounted to HK$1,393.8 million, a rise of 32.5% comparing with the same period last year. Profit attributable to the owners of the Company amounted to HK$630.0 million, an increase of 5.9% against last corresponding period. Basic earnings per share was HK27.6 cents (the corresponding period in 2015: HK26.1 cents per share). The Board did not recommend the payment of an interim dividend.
In the first half of 2016, the Group did not acquire any land parcel. As of 30 June 2016, total land bank of the Group in 13 cities in China reached 9,537,900 square metres.
The Group consistently practices its prudent investment strategy and is dedicated to enlarge the operating scale and speed up the pace of development in an orderly manner, so as to raise the marginal cost efficiency and stock turnover rate. The Group also continues to build up and maintain a quality land bank at competitive prices in order to maximize shareholders’ returns in long term. With standardized management systems, the Group would continue to streamline its operating processes, strengthen its internal controls and tighten cost controls. To cope with the ever-changing market environment, the Group would strive to improve quality of properties, evolve new marketing methodologies, speed up sales programs and raise the sell-through rate of the inventory. In addition, the Group would maintain a professional and prudent financial management of the financial resources and closely monitor the impacts from the external economic environment, volatility of exchange rate of RMB and national policy changes to the business operations.
The Group continues to fully embrace the government’s urbanization policy, with a firm commitment to become a high-growth star property developer of the highest potential in the residential property market in China. The Group would continue to focus on the emerging cities with best investment value and growth potentials, and positioning at the middle to high-end product ranges.
Note:In view of the uncertainties involved in investment and sales process, discrepancies may exist between the above figures and those disclosed in our regular reports. As such, the above is for reference only.
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