Sino Harbour Announces FY2017 Interim Results

Nov 09, 2016 22:20 JST

Source: Sino Harbour Holdings Group Limited

Profit Attributable to Owners Up 22.7% YoY to RMB47.2 Million

HONG KONG, Nov 09, 2016 - (ACN Newswire) - Sino Harbour Holdings Group Limited ("Sino Harbour" or the "Group") (Stock code: 1663) today announced its unaudited interim results for the six months ended 30 September 2016 ("the period under review").

During the period under review, the Group's revenue increased by 32.6% to approximately RMB506.5 million, mainly attributable to the delivery of residential units of Nanchang Sino Harbour Kaixuan City Zone 3 as well as Fuzhou Hua Cui Ting Yuan Phase 3, with profit attributable to owners surging 22.7% year-on-year to RMB47.2 million. Gross profit margin improved by 6.2 percentage points to 21.2% due to a higher profit margin of Nanchang Sino Harbour Kaixuan City Zone 3.

As at 1 November 2016, the Group sold between 90% to 100% of the units in the pre-sale of three property projects, namely Nanchang Sino Harbour Kaixuan City Zone 3, Fuzhou Hua Cui Ting Yuan Phase 3 and Yichun Royal Lake City Phase 2, proof of the popularity of its property projects in the market.

As at 30 September 2016, the Group's properties held under development increased to approximately RMB1,338.4 million from approximately RMB1,312.5 million as at 31 March 2016. The increase was mainly attributable to the construction progress of Sino Harbour Kaixuan Square (formerly known as Hangzhou Ganglian Sino Africa Tower Project). It proves the Group aims at maintaining sufficient saleable resources, which is expected to support solid sales growth ahead.

In the meantime, Sino Harbour continues to diversify its business and explore development opportunities in pharmaceutical operations. Subsequent to a joint venture agreement signed in December 2015, the Group has entered into a supplemental agreement in early November, 2016, announcing its shareholding of the joint venture is to increase from the original 60% to 75%. The joint venture is to establish a service centre for pharmaceutical services (the "Pharmaceutical Centre") and enable the Pharmaceutical Centre to pass the relevant US Food and Drug Administration ("FDA") inspection and/or audit in order to qualify to issue testing and analytical reports according to the regulations promulgated and enforced by the FDA. Mr. WONG Lui, Executive Director of the Group, said, "Looking ahead, Sino Harbour will carefully assess development opportunities in the property sector and at the same time continue to explore opportunities in the pharmaceutical and healthcare arenas, so as to fully capture chances to grow its business in the future and achieve the goals of having a diversified business and multiple income sources in the long run."

About Sino Harbour Holdings Group Limited

Sino Harbour is an early-mover in developing high potential PRC property projects. Currently, the Group is also actively diversifying its business into pharmaceutical related and science and biotechnology related industries.

For media enquiries:
Strategic Financial Relations Limited
Vicky Lee / Sophie Du / Kyla Yao
Tel: +852 2864 4834 / +852 2114 4901 / +852 2114 4914
Fax: +852 2527 1196
Email: vicky.lee@sprg.com.hk / sophie.du@sprg.com.hk / kyla.yao@sprg.com.hk

Source: Sino Harbour Holdings Group Limited
Sectors: Daily Finance, Real Estate & REIT