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| Revenue and Core Profit Attributable to Shareholders Surged 604.4% and 848.0% Respectively |
HONG KONG, Mar 24, 2011 - (ACN Newswire) - China SCE Property Holdings Limited ("China SCE" or the "Group")(SEHK:1966), a leading developer of high-end residential properties in Fujian Province, announced its audited annual results for the year ended 31 December 2010 ("the year under review").
Financial Highlights
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Year Ended 31 December 2010 2009 Change
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Reven 4,131 586 +604.4%
Gross Revenue (RMB Million) 1,593 294 +442.6%
Profit Attributable to
Shareholders (RMB Million) 946 373 +153.4%
Core Profit Attributable to
Shareholders (RMB Million) 898 95 +848.0%
Basic Earnings/Share (RMB Fen) 33.8 17.9 +89.2%
Final Dividend/Share (HK Cent) 5 N/A N/A
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, the Group's revenue and profit attributable to shareholders were approximately RMB4,131 million and RMB946 million, an increase of 604.4% and 153.4% respectively over last corresponding period; among which, core profit attributable to shareholders amounted RMB898 million, representing a 848.0% increase compared to that over last year. Basic earnings per share were RMB33.8 fen, rising 89.2% compared to the same period last year. To acknowledge the support of shareholders, the Board proposed a final dividend of HK5 cents per share for 2010 (2009:N/A). Together with an interim dividend of HK4 cents, the dividend yield is 4.5%. (2009:N/A)
The Chairman of China SCE, Mr. Wong Chiu Yeung, said, "The successful listing on the HKEx Main Board on 5 February 2010 opens a new chapter for China SCE. The Group has entered international capital markets and established a solid foundation for long-term growth. Although the Central Government is stepping up its macroeconomic control measures on the real estate market, the management's prudent and sound operating strategies have enabled the Group to record the best result since its establishment in terms of area under construction, completed area, saleable area, delivered area and contract sales area and amount."
The Group's excellent development capability through its high quality and strong competitive advantage have not only enhanced its brand but also contributed to the Group recording a good sales performance for all of its projects that were up for sale. During the reporting period, the realised contract sales area of the Group was approximately 480,000 sq.m. and contract sales amount was RMB3.6 billion, a surge of 149.6% and 85.1% respectively from the previous financial year.
During the reporting period, the Group commenced nine projects with a total planned GFA of approximately 1.30 million sq.m.. The Strait Eco-City, located in Quanzhou of Fujian Province and developed in cooperation with the Government, officially commenced operation during the year. In terms of completed projects, projects under development and projects held for future development, the Group has a total planned GFA of approximately 540,000 sq.m., 1.80 million sq.m. and 5.10 million sq.m. respectively.
As at 31 December 2010, the Group, together with its jointly controlled entities and associated companies hold a land bank with an aggregate planned GFA of approximately 8.40 million sq.m. (portion attributable to the Group was 6.10 million sq.m.). In terms of regional distribution, approximately 65% of the Group's land bank was located in the Western Taiwan Strait Economic Zone, 30% in the Bohai Rim Economic Zone, and the remaining 5% in Shenzhen. During the year, the Group added five new parcels of land to the land bank with an aggregate planned GFA of approximately 2.40 million sq.m.. The management believes that the existing land bank will satisfy the Group's development and construction needs during the next four to five years.
The Group fully utilised the international financing platform established through its listing to implement sound financial strategies. Its cash and bank balances and net debt ratio remained at healthy levels. As at 31 December 2010, cash and cash equivalents of the Group amounted to RMB1,520 million and its net debt ratio was 25.4%. Besides, on 14 January 2011, the Group successfully issued RMB2 billion 10.5% synthetic bonds due in five years with settlement in US dollars and became the first PRC real estate enterprise to successfully issue synthetic bonds. The synthetic bonds issue has further enhanced the Group's risk tolerance level and facilitates the continuing development of the Group.
Looking ahead, though shaded by the unforeseeable Government policy towards the property market in 2011, China SCE believes the risks that may arise from cyclical fluctuations of the market can be effectively hedged by improving the strategic distribution of land. The Group does not intend to slow down its pace of property development in the future. In 2011, China SCE's planned construction area will be approximately 1.18 million sq.m. and planned completed area to be approximately 910,000 sq.m.. The Group expects eight new projects to be launched in the market in 2011, together with the unsold units of the projects which commenced sales in 2010, would bring the Group's saleable area in 2011 to approximately 1.2 million sq.m..
While pursuing high quality, the Group has also placed importance on the optimisation of product structure. Its business development will focus on mid-range to high-end products and it is committed to developing a mid-range product line that corresponds to rigid demand. Besides developing residential properties, the Group is also speeding up the development of quality investment properties. China SCE's Fortune Plaza project and the Gold Coast project located in Quanzhou of Fujian Province, as well as projects located at Anshan of Liaoning Province are all planned to be developed into composite city-complex projects to increase the rental revenue of the Group, thus enhancing its ability to cope with market risks.
Mr. Wong concluded, "Looking ahead, the Chinese economy will continue its rapid development. As China's urbanisation process is in full swing, the Chinese real estate market has great potential for development in the future. Adhering to our national development strategy with a focus on the Western Taiwan Strait Economic Zone, the Bohai Rim Economic Zone and the Pearl River Delta Economic Zone, we shall pursue high quality and maintain a strong cash flow, which will further enhance our performance efficiency and enable us to meet the challenges ahead."
Contact:
Strategic Financial Relations Limited
Iris Lee
Telephone: 2864 4829
Email: iris.lee@sprg.com.hk
Brenda Chan
Telephone: +852 2864 4833
Email: brenda.chan@sprg.com.hk
Kent Lau
Telephone: +852 2864 4870
Email: kent.lau@sprg.com.hk
Topic: Earnings
Source: China SCE Group Holdings Limited
Sectors: Real Estate & REIT
https://www.acnnewswire.com
From the Asia Corporate News Network
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