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- Gross Profit Strongly Rose 30% to RMB 2.4 Billion; Gross Profit Margin Increased to 34.9%, up by 6.9 Percentage Points
- Continues Its Development in the Yangtze River Delta Economic Zone |
HONG KONG, Mar 18, 2015 - (ACN Newswire) - China SCE Property Holdings Limited ("China SCE" or the "Group") (stock code: 1966), a leading developer of residential properties in Fujian Province, announced its annual results for the year ended 31 December 2014 ("the year"). Despite the real estate market in the PRC reversing its fast-growing momentum during the year, the Group and its joint ventures achieved a contracted sales amount of approximately RMB11.91 billion and a contracted sales area of approximately 1.3 million sq.m., representing a year-on-year increase of 10% and 28%, respectively. By adopting flexible marketing strategies and continued provision of well-positioned product lines, the Group and its joint ventures reported stable growth in its operating results.
For the year ended 31 December 2014, the Group recorded a revenue and gross profit of approximately RMB6.89 billion and RMB2.40 billion respectively, representing a year-on-year increase of approximately 5% and 30%. Gross profit margin rose by 6.9 percentage points to 34.9%. Profit for the year strongly increased 33% year-on-year to approximately RMB1.57 billion. Profit attributable to owners of the parent amounted to RMB901 million. Earnings per share were RMB26.3 cents. The Board resolved not to declare any final dividend for the year ended 31 December 2014.
Regarding its land bank, supported by the strong cash flow position in 2014, the Group continued to maintain its prudent attitude in expansion. China SCE has acquired four plots of new land, with one project located in Pudong New District, Shanghai while the other three parcels are in Fujian Province, with an aggregate planned GFA of approximately 672,000 sq.m. for all four. The total consideration for the land acquisition was approximately RMB3,450 million. Total land bank of the Group and its JV during the year was 10.5 million sq.m. (Land bank attributable to the Group: 7.0 million sq.m.)
Looking ahead, the Group and its joint ventures expect to launch 10 new projects for presale. Together with the unsold portions of projects previously launched, it is expected that the area available for sales of the Group and its joint ventures in 2015 would amount to approximately 2.10 million sq.m.. The presale of The Prestige and SCE Plaza Phase 1 in Shanghai is scheduled in the third quarter of 2015, by when the Group's business presence in the Yangtze River Delta Economic Zone will have embraced a brand new development phase. At the same time, 14 projects are expected to be completed in 2015 with the completed property area exceeding 2.29 million sq.m.
China SCE expects the PRC real estate market in 2015 will continue to face a less favorable business environment evolving from the second half of 2014. In addition to consolidating the market share in Fujian Province, the Group will continue to explore the potential for business development in regions where it currently operates outside Fujian. The Group will also particularly emphasize developing products which can meet the rigid demands for improved housing in line with the new patterns of urbanization.
Contact:
Strategic Financial Relations Limited
Iris Lee / Brenda Chan / Sophie Du / Amelie Ng
Telephone: 2864 4829 / 2864 4833 / 2114 4901 / 2114 4903
Email:
iris.lee@sprg.com.hk
brenda.chan@sprg.com.hk
sophie.du@sprg.com.hk
amelie.ng@sprg.com.hk
Topic: Press release summary
Source: China SCE Group Holdings Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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