China Overseas Land & Investment Ltd. (“COLI”, “the Group”, Stock code: 688) announced its 2009 annual results on March 18, 2010.
For the year ended 31 December 2009, the Group’s turnover was HK$37.32 billion, increased by 97.5% compared to the corresponding period of last year. Profits attributable to shareholders was HK$7.47 billion, increased by 47.9%. Basic earnings per share was 91.6 cents, increased by 42.7%. Shareholders’ fund up 26.7% to HK$42.09 billion. Average return on shareholders’ funds was 19.3%. Net assets per share were HK$5.2, an increase of 21.8% on 2008. The Board recommends the payment of a final dividend of HK 13 cents per share.
The Group achieved a new sales record of HK$47.8 billion, and increase of 79.6%. The total area of properties sold was HK$4.77 billion, an increase of 76.0% on 2008.
Mr. Kong Qingping, Chairman of China Overseas Land & Investment Ltd. said, “The Group will encounter an uncertain market outlook in 2010 and therefore, will react flexibly to the market change. By refining the management and operation, enhancing brand image, controlling the risk, the Group will realize a steady and healthy growth.
The Group will seize investment opportunities to acquire prime land parcels through various channels including joint venture cooperation and mergers and acquisitions. Sales strategy will be adopted taking account for the characteristics of first and second tier cities, to accelerate sales growth. To reinforce its market development strategy, the Group will continue to expand its nationwide coverage and aim at expanding its market shares in existing cities. The Group will maintain a steady growth of its investment properties and continue to adopt a prudent financial policy to keep the net gearing below 40%. The Group believes the opportunities will be more than challenges in 2010 and is fully confident of its performance in 2010.
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