|
|
|
|
|
HONG KONG, June 29, 2010 - (ACN Newswire) - Emperor International Holdings Limited ("EIH" or the "Group") (SEHK: 163) and Emperor Entertainment Hotel Limited ("EEH")(SEHK: 296) are pleased to announce today their annual results for the 12 months ended 31 March, 2010 ("Year"):
Emperor International Holdings Limited
With increase in revaluation gain, rental income and property sales, all substantially due to a favourable global market outlook, the Year was highly promising for EIH. During the Year, the Group recorded total revenue of approximately HK$1,449.8 million (2009: HK$348.2 million), while revaluation gain was HK$2,485.8 million.
Rental income remained the Group's key income generator. During the Year, the Group strengthened its investment portfolio with the acquisition of "Fitfort", a shopping mall in North point, and two shops in the premier shopping area on Canton Road, Tsim Sha Tsui. The Group is also the proud owner of a number of shops along Russell Street, Causeway Bay, which according to a recent market survey, ranks third highest in the world in terms of retail rental.
The Group's revenue was also boosted by its residential property sale in Xiamen during the Year. Ms Vanessa Fan, Managing Director of the Group, said, "We will leverage on the increasing portion of prime retail properties in our investment portfolio to maximize shareholders' benefits. Meanwhile, with an array of high quality residential development projects soon ready for pre-sale on top of the successful sale of "Harbour One" subsequent to the Year, we will expand our presence in the market of first-hand residential property and achieve a better equilibrium between our two income streams of rental and sales."
The Group reported for the Year a profit attributable to equity holders of HK$2,798.0 million and earnings per share of HK$1.44. As at 31 March 2010, the Group's net asset value amounted to HK$10,519.7 million (2009: HK$4,792.0 million), with total property portfolio in Hong Kong, Macau and Mainland China valued at HK$19,304.4 million (2009: HK$9,318.0 million).
The Group proposed a final dividend of HK$0.04 per share. Total distribution per share for the Year is HK$0.088.
- Property Investment and Development
During the Year, turnover from investment property leases rose 16% to approximately HK$339.6 million, compared to HK$292.5 million in 2009, while turnover from property development amounted approximately to HK$423.1 million with property sale resumed after a halt in 2009.
As at the end of the Year, the Group had a total land bank of approximately 730,000 square feet (2009: 700,000 square feet), consisting of land in Hong Kong, Macau and PRC to be used for development and redevelopment.
Further to the successful sale of its residential property in Xiamen, the Group put "Harbour One" for pre-sale subsequent to the Year. "Harbour One" is a high-end seaview residential development located on Des Voeux Road West. It will be developed into a 38-storey luxury residential tower with 103 flats and a total gross area of approximately 140,000 square feet, expected to be completed in 2012. 52% of "Harbour One" units were sold within one week, achieving an average unit rate of HK$13,800 per square feet on gross area, which surpassed market expectations.
The Group has 4 other property development projects on the way to the market, which include "The Java", a composite retail/residential tower in North Point; former Tai Tung Hotel site on Prince Edward Road West,;a site on Shing On Street , Sai Wan Ho; and the most recently acquired Cheung Ka Industrial Building in Western District. "The Java" and former Tai Tung Hotel projects are scheduled to open for pre sale in the third and fourth quarter of 2010 respectively.
The Group is also indirectly engaged in a development project located in Yu Yuan, Shanghai, which is owned by its subsidiary Emperor Entertainment Hotel Limited ("EEH"). The property will be developed into a shopping arcade and hotel/service apartment complex on a 246,200 square feet site.
- Sales of Property
The Group completed the commercial/residential composite development project in Xiamen, known as "Emperor Lakeside Metropolis", during the Year. Most of the residential units were pre-sold and handed over to buyers, contributing sales revenue of HK$423.1 million.
- Hotel Operation
During the Year, the Group's hotel business, which previously included The Emperor (Happy Valley) Hotel only, was expanded with the consolidation of Grand Emperor Hotel in Macau. The segment brought in revenue of HK$687.1 million (2009: HK$52.7 million).
Mr Donald Cheung, Executive Director of the Group, said, "The Group is cautiously optimistic about the economic outlook for China and Hong Kong in the year ahead. And we believe the Government's "nine measures" to improve accuracy and transparency of first-hand residential property transactions will bring about positive effects in the market. We will also look into the feasibility of triggering the sale by public auction of some potential residential sites from the Government."
Emperor Entertainment Hotel Limited
EEH principally engages in entertainment and hospitality services in Macau. It reported revenue of HK$990.2 million from its hotel and gaming operations at Grand Emperor Hotel ("Hotel") in Macau. During the Year, it recorded a gain on the fair value changes of its completed investment properties in Macau of approximately HK$21.4 million (2009: loss of HK$139.3 million), while its investment property under development in Yu Yuan, Shanghai recorded a revaluation gain of approximately HK$547.7 million (2009: Nil) due to a change in the accounting policy.
Profit attributable to shareholders was HK$587.3 million (2009: HK$ 28.9 million). Earnings per share were HK$0.50 (2009: HK$0.03).
The Group proposed a final dividend of HK$0.048 per share. Total distribution per share for the Year is HK$0.073.
- Macau Hotel Project
For the Year, EEH recorded revenue of HK$990.2 million (2009: HK$791.5 million) from its Macau operations. Earnings before interest, tax, depreciation and amortisation (EBITDA), and after minority interests from continuing operations, amounted to approximately HK$261.7 million for the Year (2009: HK$126.0 million).
- Gaming Revenue
The Group's gaming operation, run by licence holder Sociedade de Jogos de Macau, S.A., had revenue of HK$834.7 million, accounting for approximately 84.3% of the hotel's total revenue.
- Gaming Concourse
There were 60 tables in the Hotel's gaming concourse as at the end of the Year. Targeting the mass market, the tables contributed a gross win of approximately HK$917.5 million, up 29.4% over the previous year (2009: HK$709.1 million). Revenue for the Year totalled HK$463.1 million, 58.6% up from HK$292.0 million over the same time last year.
- Slot Machines
During the Year, this sector recorded a gross win of approximately HK$84.6 million. As at 31 March 2010, the hotel operated a total of 330 slot seats. The sector brought in revenue of approximately HK$35.9 million for the Year.
- VIP rooms
EEH self-managed two VIP rooms with 14 tables in total as at 31 March 2010. The VIP rooms had rollings of approximately HK$18.4 billion. Revenue was approximately HK$335.7 million, 22.3% up from HK$274.6 million over the same time last year.
- Hotel Revenue
The Grand Emperor Hotel recorded approximately HK$155.5 million in non-gaming revenue, which comprised mainly of contributions from hotel rooms, food and beverage, as well as rental income from sauna, night club, a leased-out VIP hall and retail space located on the ground floor of the hotel.
The 291 hotel rooms at the Grand Emperor Hotel received an average daily rate of approximately HK$805 and maintained an occupancy level of 80.5%. Room revenue was approximately HK$65.3 million while income from food and beverage and rental were respectively HK$60.5 million and HK$29.7 million.
Ms Fan, Executive Director of EEH, said: "We believe in the future growth of Macau's economy, and in particular, its gaming industry, which the world's biggest market. To better position ourselves, we tightened our credit control policy and strategically focused more on the less competitive and low risk mass market.
We therefore enlarged and renovated our gaming concourse area to cater for walk-in customers. The substantial increase in our gaming revenue for the year demonstrated that we our responsive actions in the changing market have paid off."
- Property Development
This segment recorded no revenue during the Year as the property project in Yu Yuan, Shanghai remained under development.
Ms Fan concluded: "To thrive in a highly competitive market, the Group will continue to capitalize on its brand awareness in China due to its long-time presence and popularity of its associate companies under Emperor Group to expand its market share in tourists from the Mainland. We will also maintain our flexibility and adaptability and react to the changing market conditions in a prompt and timely manner."
Contact:
Emperor International Holdings Limited / Emperor Entertainment Hotel Limited
Christina Ng
+852 2835 6787 / +852 9735 2600
christinang@emperor.com.hk
Alice Chek
+852 2835 6786 / +852 9378 9225
alicechek@emperor.com.hk
Fax: +852 2831 9916
Website: www.emp163.com / www.emp296.com
Topic: Earnings
Source: Emperor International Holdings Limited
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
|
