China Overseas Land & Investment Ltd. (“COLI”, “the Group”, Stock code: 00688) announced its 2011 annual results on March 15, 2012.
For the year ended 31 December 2011, the Group’s turnover was HK$48.58 billion, increased by 9.6% compared to the corresponding period of last year. Consolidated net profit increased by 19.3% to HK$15.12 billion. Basic earnings per share increased by 21.5% to HK183.9 cents. Average return on shareholders’ funds was 24.0%. The Board recommended the payment of a final dividend of HK20 cents per share.
In 2011, the target for sales for properties set at the beginning of the year was exceeded and it was another record high. Total sales of properties amounted to HK$87.09 billion, an increase of 29.8% on the previous year; the area sold was 5.58 million sq.m., representing an increase of 5.3% on 2010.
Mr. Kong Qingping, Chairman of COLI said, “In 2011, global economic conditions remained complicated and fast changing, but the Group still achieved a satisfactory growth in its sales and profit, reflecting market recognition of the Group’s efforts in various aspects. Overall, the China property market in 2012 presents both challenges and opportunities. It is expected to be full of risks and uncertainty brought about by the unfavourable global political and economical environment. However, with our solid foundation, appropriate nationwide development strategy plus excellent brand name and financial strength, the Group will continue to enhance its competitiveness through its consistent innovation. We are very confident that the Group can maintain its leadership position in the China property industry, achieve steady high-quality balanced growth and develop into an evergreen enterprise.”