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| Profit for the Year up 12% to RMB529 million; Revenue from Sale of Properties Increased by 77% to RMB3,69 million |
HONG KONG, Mar 25, 2014 - (ACN Newswire) - Modern Land (China) Co., Limited (stock code: 1107) announced its annual results for the year ended December 31, 2013 ("the year under review").
During the year under review, profit for the year increased by 12% to RMB529 million. The income from the land resettlement project (Water Metre Plant Area Project) amounted to approximately RMB146.9 million in the profit for 2012. Profit for the period attributable to owners of the Company would record an increase of approximately 45.6% from 2012 if the income and respective tax expense, calculated based on 25% effective tax rate was excluded and not accounted for as other income in 2012 given its non-recurrent nature. Such increase was mainly attributable to sales revenue from the projects, such as Modern MOMA, Wan Guo Cheng Modern MOMA(Taiyuan), Nanchang Man Ting Chun Modern MOMA and Jiujiang Man Ting Chun Modern MOMA. The property related delivered GFA of the Group increased from approximately 182,086 sq.m. for the year ended December 31, 2012 to approximately 367,098 sq.m. The Group's revenue from sale of properties business amounted to RMB3,469 million, representing an increase of 77% as compared to the same period last year. Gross profit increased by approximately 57% to approximately RMB1,370 million. Gross profit margin was 39.5%. Basic earnings per share was RMB 38.1 cents. The Board resolved to declare a final dividend of HK$10.8 cents per share for the year ended December 31, 2013.
For sale of properties, the Group's revenue from sale of properties amounted to RMB3,469 million during the year under review, representing an increase of 77% as compared to 2012. The Group delivered 367,098 sq.m. of property in terms of total gross floor area ("GFA") and 1,033 units of car parks in 2013. Gross profit margin of sale of properties amounted to 39.5%. For the year ended December 31, 2013, the Group achieved contracted sales of RMB4,365 million, including contracted property and car parking spaces sales of approximately RMB4,139 million and RMB226 million, respectively. The contracted property sales area was approximately 368,400 square meters (sq.m.), and the average selling price was approximately RMB11,235 per sq.m. The contracted car parking spaces sales were 1,724 and the average selling price was approximately RMB131,095 per car parking space. The contracted property sales increased approximately 54% while increase in the contracted sales area and the average selling price were approximately 14% and approximately 37%, respectively, which formed a solid basis for the Group's future growth in revenue.
As at December 31, 2013, the Group's total land bank in the PRC (excluding investment properties and properties held for own use) was 2,796,835 sq.m. The average unit acquisition cost of its land bank was RMB1,552 per sq.m., accounting for approximately 12% of unit price of current contracted sales.
Meanwhile, the Group owned a parcel of land with a site area of approximately 200,000 sq.m. located in Pearland, Texas, the U.S. for future development. For the year ended December 31, 2013, the Group acquired a total of five parcels of land in Nanchang, Jiangxi Province, Jiujiang, Wuhan, Hubei Province, and Beijing (of which two parcels of land located in Nanchang) through public auctions.
As of December 31, 2013, Modern Green Development Co., Ltd. and its subsidiaries held a total of 41 patents, and the application of 8 other patents was being examined. In 2013, both Nanchang Man Ting Chun Modern MOMA and Modern Modern MOMA passed China Green Building Three-Star Certification. Up to now, the Group is the only Company that has passed the top certification for green building in China - China Green Building Three-Star Certification twice.
Looking forward, the Group will actively seize the opportunity and proactively explore new operations in other regions. Before deciding to enter into new regions, the Group will, depending on the market conditions, geographic locations and climate factors, select the most suitable products or portfolios among three product lines: Wan Guo Cheng Modern MOMA, Shang Pin Ge Modern MOMA and Man Ting Chun Modern MOMA, to meet the ongoing demands for full life circle industrialized community development by the markets of these regions. From a long term perspective, the Group seeks to equally invest its resources in the first, second and third tier cities, so as to ease the impact of the national real estate austerity policies on the Group. The Group will replenish our land bank at the right opportunity in response to market conditions, its own financial position and future development.
Looking forward, the real estate market will face two major challenging issues: sustainable development and aging of population. Therefore, real estate for the seniors should not be ignored in the real estate market in the future. In 2013, the Group commenced a real estate project for the senior in Pearland, Texas, the U.S. The project will be developed in 6 phases. It is expected that all units will be occupied by 2019. The project comprised apartments, apartment hotels, offices, trading center, ancillary facilities and residential units all specialized for the seniors. The Group believes that when the real estate for the senior attracts more market's attention, the Group will become the leading real estate developer in that area.
Topic: Earnings
Source: Modern Land (China) Co Ltd
Sectors: Daily Finance, Real Estate & REIT
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From the Asia Corporate News Network
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