(Hong Kong, 19 August 2015) China Overseas Land and Investment Ltd (“COLI” or the “Company”, stock code: 00688.HK) announced today the unaudited interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2015.
In the first half of 2015, Group revenue increased 19.5% to HK$64.85 billion. Operating profits increased by 18.3% to HK$23.29 billion. Profits attributable to equity shareholders of the Company increased by 20.1% to HK$16.32 billion. Core profits increased by 20.3% to HK$13.63 billion. Basic earnings per share increased by 14.5% to HK$1.90. The Board declared an interim dividend of HK20 cents per share.
As of the end of June 2015, contracted sales of properties was HK$85.45 billion, and the corresponding sales area was 5.82 million square metres. During the period, five land parcels were acquired by the Group in mainland China adding GFA of 2.26 million square metres to the land reserve. As at end of June, the total land bank of the Group was 44.09 million square metres, while about 8.91 million square metres is related to projects injected by the parent company.
Mr. Hao Jian Min, Chairman and Chief Executive Officer of COLI said, “satisfactory sales performance of the Group in the first half of the year confirms that the strategies of nationwide strategic development and developing high quality residential projects in the core areas of major mainland cities are correct. The Group will firmly push ahead with its branding strategy. The Group 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 while enhancing the return on the shareholders’ funds. Taking into account the change in the market, the Group has decided to revise the contracted sales target for 2015 to HK$180 billion.”
Mr. Hao continued, “going into the second half of the year, it is expected that the global economy will gradually be strengthened. The Group will continue to seize opportunities to expand its land bank at low cost and determine its investment scale according to the sales performance and financial resources available. The prospect of the Group’s property development business in China is bright and promising while that of Hong Kong and Macau is good. The Board is very confident of the future of the Group, and the Group will persistently improve its management capability, operation mode and product structure. The Group will try best to enhance its competitive advantages so as to maintain its pioneer and leading position in the China property industry.”
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