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| Net Profit Increases by a Sharp 88% to HK$364.2 Million |
HONG KONG, Aug 23, 2017 - (ACN Newswire) - HKC (Holdings) Limited ("HKC" or the "Group") (HKEX: 190), which is principally engaged in property development and investment activities with a primary focus in the P.R.C., has today announced its interim results for the six months ended 30 June 2017.
Results Highlights:
- Turnover recorded at HK$838.5 million (2016 Interim: HK$635.4 million), up by 32%
- Gross profit at HK$271.0 million (2016 Interim: HK$232.9 million), an increase of 16%
- Profit attributable to equity holders increased 88% to HK$364.2 million (2016 Interim: HK$193.9 million)
- Basic net profit per share at HK68.9 cents per share (2016 Interim: HK36.7 cents per share
- Net asset value per share of HK$23.0
- Recommended the payment of an interim dividend of HK6 cents per share
During the period, turnover amounted to HK$838.5 million, an increase of 32% over the turnover of HK$635.4 million for the same period in 2016 as sales increased for its residential properties in Tianjin, Jiangmen, and Shenyang. Gross profit rose by 16% to HK$271.0 million. The Group recorded a net profit attributable to the equity holders of HK$364.2 million for the period under review, an increase of 88%. For the first half of 2017, the Group recorded a HK$488.0 million valuation gain on Shanghai Landmark Center and a HK$1.7 million gain on Sinar Mas Plaza, as the office towers were completed and started to be leased out. Basic net profit per share amounted to HK68.9 cents, an increase of 88% compared to HK36.7 cents for the same period in 2016. Book value per share was HK$23.0.
In view of the encouraging results, the Board of Directors recommended the payment of an interim dividend of HK6 cents per share (2016 Interim: nil).
Mr. Eric Oei, Executive Director and Chief Executive Officer of HKC said, "HKC is now in the harvest stage of its investments. Contracted sales were particularly strong during the first half of the year, rising 67% to RMB844.0 million as demand for residential properties was strong in all of the Group's operations. Even Shenyang, which had previously suffered from overcapacity, has performed well."
"Looking ahead, we are particularly excited about our new office buildings in Shanghai, which were completed and will start contributing rental revenue. These two properties are located in the North Bund and offer outstanding, panoramic views of the Huangpu River, the Bund, and Lujiazui. It has also been recently announced that a 3.2 km continuous pedestrian path, to be completed by 2020, will be built along the Huangpu River, stretching from the Garden Bridge at the northern end of the historic Bund, and near the Group's Landmark Center, all the way to Sinar Mas Plaza. This should make the North Bund area much more attractive and more closely linked to the historical Bund district. We expect that the North Bund will soon be considered part of Shanghai's Central Business District as Landmark Center is just a few walking minutes from the Bund. Also, the area around Landmark Center is now emerging as a high end area with the high class Bellagio and Bulgari hotels opening in 2017, complementing the nearby Peninsula hotel," Mr. Oei continued.
The Landmark Center has a net asset value of HK$2.6 billion, or HK$4.9 per share. The 66 floor Sinar Mas Plaza is now the tallest building in Puxi and has a net asset value of HK$2.0 billion or HK$3.8 per share.
Over the next several years, the Group will increasingly focus on developing its 804,000 square meter land bank at Tianjin Tuanbo Lake. Located southwest of the city, the site offers waterfront property with scenic lake views. With a plot ratio of 1.04, 836,000 square meters of low rise properties can be developed, enough land area for 5-8 years of development. The government is now coordinating the economic development of Beijing, Tianjin and Hebei province, with the idea of creating a megalopolis. As part of the plan, a new model city in Xiongan will be built. The Group's Tianjin projects are likely to benefit from all of these new activities.
About HKC (Holdings) Limited (stock code: 190)
HKC (Holdings) Limited is principally engaged in property development and investment activities with a primary focus in the P.R.C. It is currently selling residential properties in Tianjin, Jiangmen, and Shenyang; and operates prime commercial properties in Shanghai, Shenzhen, Guangzhou and Beijing. Through its listed subsidiary China Renewable Energy Investment Limited (stock code: 987), the Group is also one of the leading private providers of renewable energy in the P.R.C.
For more information, please visit the Group's website: http://www.hkcholdings.com.
For media enquiries:
Strategic Financial Relations Limited
Vicky Lee Tel: (852) 2864 4834 Email: vicky.lee@sprg.com.hk
Fanny Yuen Tel: (852) 2864 4853 Email: fanny.yuen@sprg.com.hk
www.sprg.com.hk
Topic: Press release summary
Source: HKC (Holdings) Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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