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Profit for Period Reaches RMB1.211 Billion, Core Profit Surges 106% to RMB939 Million
Gross Profit Margin Increases Significantly by 5 Percentage Points to 31%
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HONG KONG, Aug 17, 2017 - (ACN Newswire) - China SCE Property Holdings Limited ("China SCE" or the "Group") (stock code: 1966), announced its interim results for the six months ended 30 June 2017 ("the period under review"). For the period under review, the Group's sales income was approximately RMB8.2 billion, representing year-on-year growth of 41%; gross profit was approximately RMB2.505 billion, representing year-on-year growth of 68%; and gross profit margin increased 5 percentage points to 30.7%. The increase in gross profit margin was mainly attributable to the delivery of a higher proportion of properties in first-tier cities that have relatively higher gross profit margin. During the period under review, the Group's profit was approximately RMB1.211 billion, while profit attributable to owners of the parent was approximately RMB1.014 billion. Core profit attributable to owners of the parent surged to approximately RMB 939 million, representing year-on-year growth of 106%. Basic earnings per share were RMB29.6 cents. The Board has resolved to declare an interim dividend of HK 6 cents per share.
In the first half of 2017, the contracted sales amount of the Group reached another record high to approximately RMB15.524 billion, representing a year-on-year increase of around 31% and achieving approximately 55.4% of the annual sales target. The average selling price of properties during the period was RMB18,221 per square meter ("sq. m.")., representing a year-on-year increase of approximately 13%.
For the six months ended 30 June 2017, the contracted sales amount from 1st- and 2nd-tier cities reached 74% of the total contracted sales of the Group. Contracted sales in Shanghai have been the most outstanding among cities in mainland China, amounting to approximately RMB4.451 billion, and making China SCE one of the "2017 Best 10 China Real Estate Developers in Shanghai", thus substantiating China SCE's ability to consolidate its leading position in Shanghai in only three years.
In March 2017, Moody's Investors Service upgraded the rating outlook of the Group to "stable", and further gave a "B1" long-term corporate credit rating. In April 2017, Standard & Poor's Rating Services also upgraded the rating outlook of the Group to "positive", with further acknowledgement of the Company by way of a "B" long-term corporate rating. Moreover, Xiamen Zhongjun Industrial Co., Ltd., a subsidiary of the company, had its corporate long-term credit rating upgraded to "AA+" by Dagong Global Credit Rating Co., Ltd., with the rating outlook of the subsidiary remaining at "stable".
As of 30 June 2017, the Group owned a land bank with an aggregate planned gross floor area ("GFA") of over 12 million sq. m. in 21 cities, which it trusts will be adequate for the development needs of the Group for the next three to four years. During the period, by way of bidding and acquisitions, the Group succeeded in adding 14 new projects in second-tier cities and peripheral cities of 1st- and 2nd-tier cities located in Tianjin, Nanjing, Hangzhou, Suzhou, Qingdao, Jinan, Nanchang, Foshan, Quanzhou, Xuzhou, Zhenjiang, Huizhou and Zhangzhou respectively, with an aggregate planned GFA of approximately 2.49 million sq. m..
In the second half of 2017, the Group plans to launch 10 new projects, namely The Glamour and The Paramount in Shanghai, 6 Park Square in Nanjing, The Foshan Project in Foshan, Marina Bay in Jinan, The Paramount, The Royal Bay, Garden Terrace, Parkview Bay in Quanzhou and Sunshine City in Zhangzhou respectively. It is estimated that in the second half of 2017, total area of real estate available for pre-sale will be approximately 1.7 million sq. m, with saleable resources reaching RMB30 billion.
China SCE will adhere to its main strategy of "focusing on first-tier cities and core second-tier cities" and their extended markets, and at the same time, make deployment with flexibility in major 3rd-tier cities in developed areas in Fujian, Guangdong, Jiangsu and Zhejiang and also in 3rd-tier cities with over 6 million residents. In 2nd- and 3rd-tier cities, it will continue to use the high turnover and cash flow development model, in its hope to improve overall operational capability and its ability to conduct precise market research, to strengthen and grasp the rhythm of marketing, so as to maximize the returns from all its projects.
About China SCE Property Holdings Limited
China SCE Property Holdings Limited (the "Company"), together with its subsidiaries (collectively, the "Group"), were established in 1996 and with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") in February 2010 (Stock Code: 1966.HK). The Group's major businesses include investment holding, property development, property investment and property management. The Company is headquartered in Shanghai for its business operations, while implementing regional development strategy focusing on the first- and second-tier cities in the Yangtze River Delta Economic Zone, the Bohai Rim Economic Zone, the Pearl River Delta Economic Zone and the West Taiwan Strait Economic Zone.
The Group's property projects are distributed in 21 cities, including Beijing, Shanghai, Shenzhen, Tianjin, Nanjing, Hangzhou, Suzhou, Qingdao, Jinan, Xiamen, Nanchang, etc. Its products cover a wide range of properties including high-rise residential buildings, low-rise residential buildings, villas, commercial buildings and offices. The Company upholds "We Build to Inspire" as its corporate mission, strives to satisfy customers' needs and diligently pursues excellence in product quality. The Company was awarded the "2017 Best 50 of China Real Estate Developers" and "Fortune China 500".
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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