(21 October 2009) China Overseas Land and Investment Ltd (“COLI” or the “Group”, stock code: 00688) announced certain financial data relating to the performance in the third quarter of 2009.
For the nine months ended 30 September 2009, the turnover of the Group was HK$21.05 billion while the operating profit was HK$7.18 billion. The turnover and operating profit of the Group for the third quarter of 2009 was HK$5.57 billion and HK$1.80 billion respectively.
Through strengthening its market leading position, enhancing strong brand name and employing creative marketing practices, the property sales of the Group for the nine months ended 30 September 2009 amounted to HK$38.47 billion and about 4 million sq m in area,representing an increase of 85.1% and 100.5% respectively as compared to the same period of last year. In August, the Group revised up its sales target to 4.3 million sq m for year 2009 and by the end of September over 93% of this revised target was met. The net gearing of the Groupfell further to 2% while cash on hand amounted to about HK$23.17 billion.
Six parcels of land were acquired in four cities, thus increasing the land reserve of the Group by 3.36 million sq m GFA. Mr. Kong Qingping, Chairman of COLI stated, “The Group is optimistic about the medium and long term outlook of the property market in mainland China. It will continue to follow closely the changes in the market and to actively accelerate its core business development.”
Note: All the figures contained herein are unaudited. Accordingly, figures and discussions contained in this Announcement should in no way be regarded as to provide any indication or assurance on the financial results of the Group for the nine months period ended 30 September 2009.
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