(1 August 2014) China Overseas Land and Investment Ltd (“COLI” or the “Group”, stock code: 00688.HK) announced its 2014 unaudited interim results today.
For the six months ended 30 June 2014, turnover increased 54.0% to HK$49.57 billion. Operating profits increased by 42.7% to HK$18.80 billion. Profits attributable to equity shareholders of the Company increased by 18.0% to HK$13.02 billion. Core profits increased by 33.7% to HK$10.79 billion. Basic earnings per share increased by 18.0% to HK$1.59. The Board declared an interim dividend of HK20 cents per share, an increase of 11.1% compared to the same period last year.
In the first half of 2014, contracted sales of properties was HK$73.04 billion, and the corresponding sales area was 4.42 million sq.m.. During the period, ten land parcels were acquired by the Group in mainland China, adding GFA of 6.85 million sq.m. to the land reserve.
Mr. Hao Jian Min, Chairman of COLI said, ‘The market environment in the first half of the year was tough. COLI as usual reacted calmly and positively to market changes and achieved satisfactory sales performance, confirming that the strategies of nationwide strategic development and developing high quality residential projects in core areas of major mainland cities are correct. In the second half of the year, it is expected that in the short term the tightening measures will not be widely relaxed and market consolidation will proceed at a faster manner. Such trends present more opportunities than challengers to the Group. At the same time, the rigid demand of the property market in Hong Kong and Macau is strong and the prospects are promising. The Group will firmly push ahead with is branding strategy. We will strive to pursue the goal of development, sale and cash collection in a fast manner so as to ensure overall satisfactory growth in both the operation scale and profit as well as to enhance return on the shareholders’ funds. Our competitive edges will lead to ample opportunities and excellent performance in the future.’
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