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Sino Harbour Announces FY2011/12 Annual Results
HONG KONG, May 30, 2012 - (ACN Newswire) - Sino Harbour Property Group Limited ("Sino Harbour" or the "Group") (Stock code: 1663), a recognised developer of residential and commercial properties in the fast-growing cities within Jiangxi Province, China, announced its unaudited annual results for the year ended 31 March 2012 ("FY2011/12").
Key Highlights
-- Revenue increased by 51.4% to RMB515 million (FY2010/11: RMB340 million), through delivery of residential and commercial units with a gross floor area of approximately 64,107 sq m
-- Gross profit margin rose by 0.8 percentage points to 41.7%
-- Profit for the year amounted to RMB101 million
-- Profit for the year (excluding fair value gain on investment properties) rose by 8.4% to RMB 90.0 million
-- Maintained a healthy balance sheet with total cash and bank balance of approximately RMB 82.6 million (31 March 2011: RMB137.2 million)
-- Recommended the payment of a final dividend of HK3 cents per share for the year ended 31 March 2012 (FY2010/11: N/A)
During the year, the Group's revenue increased by approximately 51.4% to RMB515 million (FY2010/11: RMB340 million) mainly attributable to the delivery of the residential and commercial units at Nanchang Honggu Kaixuan, as well as the residential units of Fuzhou Hua Cui Ting Yuan. Gross profit amounted to RMB215 million (FY2010/11: RMB139 million), while gross profit margin improved to 41.7% (FY2010/11: 40.9%) due to a greater portion of revenue being derived from the delivery of high margin commercial units. Benefitting from continuous rapid urbanisation in Jiangxi Province, profit for the year (excluding fair value gain on investment properties) rose by 8.4% to RMB 90.0 million (FY2010/11: RMB83.0 million). Due to the decrease in net fair value gain for investment properties, the Group's profit for the year amounted to RMB101 million (FY2010/11: RMB124 million).
The Group maintains a healthy financial position with total cash and bank balances of approximately RMB82.6 million (31 March 2011: RMB137.2 million) as at 31 March 2012. The Board of Directors has recommended the payment of a final dividend of HK3 cents (FY2010/11: N/A).
Mr Shi Feng, Deputy Chairman, Executive Director and CEO of Sino Harbour, said, "As one of the leading property developers in Jiangxi, we are pleased to achieve satisfactory financial results with improved profit margins despite a difficult operating environment brought about by the Government's tighter restrictions on property purchases and housing loans. During the year, we have enhanced the property asset portfolio by increasing the sales proportion from commercial units with higher margins, which will help to realise our goal to achieve sustained growth in the coming years."
Commercial Property
In FY2011/12, pre-sale activity for the Group's projects in Nanchang, Fuzhou and Yichun cities within Jiangxi Province remained strong. In commercial property, units at Phase 1 and 2 of Nanchang Honggu Kaixuan have been released for sale. Commercial property with a GFA of 7,415 sq m were pre-sold at an average selling price of RMB16,821 but had not yet been handed over to buyers as at 31 March 2012.
Residential Property
Benefitting from the premium location and quality design and construction, the pre-sale for the Group's residential projects in Nanchang Honggu Kaixuan Phase 2, Fuzhou Huacui Tingyuan Phase 1 and Yichun Royal Lake City Phase 1 have all received positive response from the market.
Nanchang Honggu Kaixuan Phase 2
As at 31 March 2012, 26 units with a GFA of 2,380 sq m at Nanchang Honggu Kaixuan Phase 2 were pre-sold at an average selling price of RMB7,567 but had not yet been handed over to buyers .
Fuzhou Huacui Tingyuan Phase 1
As at 31 March 2012, 283 units with a GFA of 37,392 sq m were pre-sold in Fuzhou Huacui Tingyuan Phase 1 at an average selling price of RMB4,915 but had not yet been handed over to buyers.
Yichun Royal Lake City Phase 1
Around the Lunar New Year holiday, the Group launched Yichun Royal Lake City Phase 1 located in Yichun City, Jiangxi Province which received an enthusiastic market response pushed by increasing demand from local executives working elsewhere who came home during the traditional festival. As at 31 March 2012, 133 units with a GFA of 13,224 sq m at Yichun Royal Lake City Phase 1 were pre-sold at an average selling price of RMB4,264 but had not yet been handed over to buyers. The Group intends to release additional units for pre-sale in the next financial year.
Looking ahead, Mr Shi said "The Group believes that the negative impact of the Government's restrictive measures in the PRC property market, particularly in residential property, will be partially offset by robust demand advanced by rapid urbanisation in third- and fourth-tier cities where our primary business is focused. In view of the overwhelming response, we will focus resources to expedite our development of Fuzhou Huacui Tingyuan Phase 2 to further advance the Group's business in the long run. Nanchang Dingxun project Phase 1 and additional units in Yichun Royal Lake City will be released for pre-sale in the next financial year. We will continue to diversify our property portfolio to meet increasing demand for commercial premises as well as retail outlets, thereby driving long term profitability and generating greater value for our shareholders."
Contact:Strategic Financial Relations Limited
Vicky Lee, +852 2864 4834, vicky.lee@sprg.com.hk
Angela Ng, +852 2864 4855, angela.ng@sprg.com.hk
Sadie Lam, +852 2864 4861, sadie.lam@sprg.com.hk
Fax: +852 2527 1196
Source: Sino Harbour Holdings Group Limited
Sectors: Daily Finance, Daily News
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