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HONG KONG, Nov 9, 2016 - (ACN Newswire) - Grand Ming Group Holdings Limited (the "Company" and together with its subsidiaries, the "Group", stock code: 1271.HK) today announces its interim results for HY 2016.
The Group's total revenue for HY 2016 was approximately HK$514.6 million, representing an increase of approximately 5.1% from approximately HK$489.5 million for the six months ended 30 September 2015 ("HY 2015"). The increase in revenue was mainly attributable to the commencement of a new construction project at Kai Tak, Kowloon and rental adjustment of the existing tenant of the data centre.
The Group recorded a net profit of approximately HK$125.5 million for HY 2016 (HY 2015: approximately HK$242.2 million), representing a decrease of approximately 48.2%. The decrease in net profit was primarily because the fair value gains arising from the revaluation of the Group's investment properties relating to the high-tier data centres was not as significant as that in the corresponding period last year. Excluding such fair value gains on investment properties, the Group recorded an adjusted profit for HY2016 of approximately HK$65.2 million (HY2015: approximately HK$62.7 million), representing an increase of approximately 3.9%.
The Board recommends to pay an interim dividend of HK4.0 cents per share, representing a payout ratio of approximately 39.6%.
Business Review
The Group's construction segment performed steadily during HY2016. As at 30 September 2016, the gross contract value of the construction projects in progress amounted to approximately HK$2.85 billion.
Following the first high-tier data centre, namely iTech Tower 1, which has been operating well and contributing a stable rental income inflow to the Group, the second high-tier data centre, namely iTech Tower 2, had been put into operation in December 2015 and the first tenant had moved into one of the data centre during the period under review.
In terms of property development, on 31 May 2016, the Group had successfully tendered for a land situated at Tsing Yi Town Lot No. 190, Sai Shan Road, Tsing Yi, New Territories from the Hong Kong Government at a premium of HK$938.88 million. The land parcel is planned for residential development with an estimated gross floor area of approximately 400,000 square feet. The ground investigation works had commenced and the development progress is on track.
Mr. Chan Hung Ming, Chairman and Executive Director of Grand Ming Group Holdings said, "We are delighted to witness the first step to diversify the Group's business into the property development business. Leveraging our expertise in the building construction and property development knowledge, we are confident that it will bring new opportunity for the Group's long-standing development and performance. Looking forward, we will keep on participating in the tendering of sales of Government land either on our own or through joint venture with other property developers with a view of enriching the Group's land bank. On the other hand, we would maintain a prudent strategy in tendering new construction projects in view of the escalating wages and chronic shortage of skilled workers. Meanwhile, we will continue to invest our data centre infrastructure to strengthen our market position and meet the changing needs of the customers, and employ our endeavours in securing new tenants for iTech Tower 2."
About Grand Ming Group Holdings Limited (1271.HK)
The Group is principally engaged in the business of building construction, data centre premises leasing and property development. As a local wholesale co-location provider of high-tier data centres, the Group is one of the dedicated service provider in Hong Kong which owns and uses the entire building for leasing to customers for data centre use. Its clients include multinational data centre operator, telecommunications company and financial institutions. With more than 20 years of experience in the construction industry, the Group also provides building construction services as a main contractor, and is involved in residential property development projects with prominent local developers, as well as offering alteration, renovation and fitting-out services for existing buildings in Hong Kong. Furthermore, the Group owns a land in Sai Shan Road, Tsing Yi for the purpose of developing a residential project with gross floor area of 400,000 square feet.
Media Contact:
Angel Yeung | Jovian Communications Ltd
Tel: +852 2581 0168 | Fax: +852 2854 2012
Email: news@joviancomm.com
Topic: Earnings
Source: Grand Ming Group Holdings Limited
Sectors: Daily News
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From the Asia Corporate News Network
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