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(Hong Kong, August 22, 2016) China Overseas Development Limited ("China overseas development" or "the company", share code: 00688. HK) today announced its unaudited interim results for the six months ended June 30, 2016.
In the first half of 2016, the group's revenue increased by 20.5% to HK $78.15 billion; Operating profit increased by 21.5% to HK $28.31 billion; The profit attributable to shareholders increased by 20.6% to HK $19.69 billion; Basic earnings per share rose 5.3% to HK $2.00. The board announced an interim dividend of HK $35 per share, up 75% from the same period last year.
As at the end of June 2016, the sales volume of real estate contracts was HK $95.26 billion; The corresponding sales area is 6.01 million square meters. During the period, the group added four new sites in the mainland and Hong Kong, with a total construction area of 2.28 million square meters; At the end of June, the total construction area of the group's land reserve was 36.45 million square meters.
As of June 30, the shareholders' equity of the company reached HK $2015.04 billion, that is, the net asset value per share was about HK $20.44, and the annualized return on shareholders' equity remained at a high level of more than 20%.
During the period, the group continued to strictly manage the sales collection and held cash of HK $117.97 billion at the end of the period. For the first time in more than ten years, the group had a net cash position and had abundant financial resources at hand.
"In the first half of the year, the group's overall sales were good, which proved that the group's national strategic layout and strategy of developing high-quality residential buildings in the core areas of the city were correct. By promoting the high-quality strategy, the group realized rapid development, rapid sales and rapid cash return, To ensure that the overall operating scale and profits can maintain the ideal growth, but also to maintain the ideal return on shareholders' funds. Taking into account the changes in the market and the impact of CITIC Real Estate's M & A, the group has raised its annual contract sales target to HK $210 billion. "
In view of the market situation in the second half of the year, he said: "in the second half of the year, the mainland real estate will continue to focus on destocking, continuing the two major trends of accelerated differentiation and integration. Local governments tend to implement policies according to the city, and the cases of industry mergers and acquisitions will further increase. The Group continues to be optimistic about the development prospect of the real estate, continues to adhere to the development strategy of deeply cultivating the first and second tier key cities in the mainland and the markets in Hong Kong and Macao, seizes the opportunity brought by the accelerated integration of the industry, embraces all rivers, continuously innovates and improves the business model and product structure, continuously improves the group's professional competitiveness, maintains the leading position in the industry, continuously improves the level of corporate governance, and continues to serve as a shareholder, To create more value for customers. "
Photo caption: China Overseas Development Co., Ltd. announces 2016 interim results