(Hong Kong, 22 August 2018) China Overseas Grand Oceans Group Limited (the “Company”; Stock Code: 0081.HK) is pleased to announce the interim results of the Company and its subsidiaries (collectively, the “Group”) for the period ended 30 June 2018.
For the six months ended 30 June 2018, contracted property sales of the Group and its associates and joint ventures amounted to HK$28,454.0 million, for an aggregated area of 2,263,500 sq.m., representing an increase of 54.0% and 30.4% respectively against the same period last year.
For the six months ended 30 June 2018, Group’s revenue reached HK$11,188.5 million, increased by 23.9% against the corresponding period last year. Operating profit amounted to HK$2,275.9 million, an increase of 61.5% comparing with the same period last year. Profit attributable to the owners of the Company amounted to HK$1,014.2 million, an increase of 42.4% against last corresponding period. Basic earnings per share was HK31.5 cents (the corresponding period in 2017, restated:HK30.0 cents per share).
In the first half year, the Group entered into Liuzhou, Guangxi province and Baotou, Inner-Mongolia and purchased a total of nine parcels of land in Liuzhou, Yancheng,
Baotou, Lanzhou, Nantong, Hefei and Ganzhou with total development area of 2,010,800 sq.m. (attributable to the Group: 1,729,400 sq.m.) for a total consideration of approximately RMB8,787.4 million. As at 30 June 2018, total land bank of the Group and its joint ventures available to build gross floor area is approximately 19,875,400 sq.m. in 20 cities in China, of which, 18,399,000 sq.m. are attributable to the Group (including the interests in joint ventures).
In February 2018, the Group successfully raised a net proceeds of HK$4,607.7 million (net of expenses) by way of rights issue on the basis of one rights share for every two shares.
Cash and bank balances plus restricted cash and deposits were at a total of HK$32,321.5 million. The net gearing ratio, expressed as a percentage of net debts to equity attributable to owners of the Company, was 0.3% as at 30 June 2018.
The Board declared the payment of an interim dividend of HK3 cents per share for the period ended 30 June 2018 (the corresponding period in 2017: HK1 cent per share).