- Turnover Surges 31.9% to RMB1,206 Million
| Financial Highlights | For the six months ended 30 June | Change (%) |
|
| 2013 unaudited (RMB'000) |
2012 unaudited (RMB'000) |
||
| Turnover | 1,205,788 | 914,368 | 31.9 |
| Gross profit | 380,891 | 251,171 | 51.6 |
| Profit before tax | 187,574 | 104,477 | 79.5 |
| Profits attributable to shareholders | 22,808 | 20,977 | 8.7 |
| Basic earnings per share (RMB) | 0.045 | 0.041 | 9.8 |
HONG KONG, Aug. 9, 2013 /PRNewswire/ -- Overseas Chinese Town (Asia) Holdings Limited ("OCT (Asia)" or the "Company", stock code: 03366.HK) and together with its subsidiaries, the "Group", is pleased to announce its unaudited interim results for the six months ended 30 June 2013 ("period under review").
During the period under review, OCT (Asia) leveraged on its experience and quality products to achieve stable business in its various operations. The Company also accelerated the transformation to comprehensive development business according to the established strategic goals. For the six months ended 30 June 2013, the Company recorded a turnover of approximately RMB1, 206 million, representing an increase of approximately 31.9% from the same period of 2012; gross profit margin was approximately 31.6%, representing an increase of approximately 4.1 percentage points from the same period of 2012; and profits attributable to shareholders were approximately RMB22.81 million, representing an increase of approximately 8.7% from the same period of 2012.
During the period under review, comprehensive development business of OCT (Asia) recorded a turnover of approximately RMB854 million, representing an increase of approximately 51.3% from the same period of 2012; and profits attributable to owners of the Company were approximately RMB18.92 million, representing a significant increase of approximately 208.6% from the same period of 2012.
Comprehensive Development Business
For the six months ended 30 June 2013, the contracted sales area and revenue of Shanghai Suhewan project were approximately 7,500 sq.m. and approximately RMB370 million respectively, the settled area and revenue were approximately 5,200 sq.m. and approximately RMB259 million respectively. The construction of one of its high-rise residential property situated in 1 Jiefang with scarce scenic views has been substantially completed in the first half of this year, and sale will be launched in the second half of this year. For the six months ended 30 June 2013, the contracted sales area and revenue of the residential properties of Chengdu OCT were approximately 50,600 sq.m. and approximately RMB586 million respectively, the settled area and revenue were approximately 44,100 sq.m. and approximately RMB518 million respectively. Chengdu OCT will accelerate the development of its commercial sector and launch some low-density residential property and high-end office products in the second half of this year. On the other hand, Chengdu Happy Valley Phase II officially commenced its business in late May 2013. During the period under review, Chengdu Happy Valley recorded a turnover of approximately RMB106 million, representing an increase of approximately 6.1% compared with the same period last year. It attracted approximately 994,900 visitors throughout the period under review, representing a slight increase compared with the same period last year.
Paper Packaging Business
The sales of paper packaging business remain steady on the first half of this year. During the period under review, the paper packaging business recorded a turnover of approximately RMB352 million, which was substantially the same as compared with the same period of 2012; and profits attributable to owners of the Company were approximately RMB3.89 million. Affected by the weak global economy and the sluggish recovery of domestic economy, the demand from export and domestic market in China continued to decline with decreasing demand of paper packaging products. Furthermore, due to the increase in labor costs, some important Japanese customers of the Company that engage in the home appliance industry had shifted their production lines to emerging markets, and orders thereby reduced. Aiming at the changes in paper packaging market, we will pay close attention to market expansion opportunity, exploring new customers actively and establishing solid partnership gradually, in order to make up the impact caused by loss of sales orders from existing customers. Meanwhile, we will strive for the enhancement in internal management, sustaining implementation of cost reduction and efficiency uplifting programmes, improving management efficiency and compressing production losses, in order to maintain the competitiveness of Company in the paper packaging industry.
Ms. Wang Xiaowen, Chairman and Executive Director of OCT (Asia),said, "Looking into the second half of 2013, since the invested projects have been launching gradually, the profit contribution from comprehensive development business will continue to grow. The Company will continuously adhere to 'rapid development, rapid recovery' strategy, hastening on the recovery of funds and enhancing the cash flow efficiency. Along with the implementation of business transformation of the Company, investment projects in different cities generate returns gradually. In the future, we will pursue our established strategy, aiming to be a prominent developer and operator of commercial complex in China, continue to strengthen our competitiveness, implement rational expansion in project development and resource reserves by searching for prime project resources with development potential in the first and second tier cities. Meanwhile, the Company will enhance the ability in risks resistance. In addition to leveraging on our experience and advantage in comprehensive development business, the Company will continue to enrich the content of its products and innovate the forms of products, enhancing its market influence and regional cohesion. With the gradual establishment of company's market position in comprehensive development business, we will usher in a new round of rapid growth in the future."
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About OCT (Asia)
Overseas Chinese Town (Asia) Holdings Limited was listed on the Main Board of the Stock Exchange of Hong Kong on 2 November 2005. Besides the manufacture and sales of quality paper-based packaging containers and materials, the Company started engaging in the comprehensive development since 2007, striving to become an outstanding developer and operator of commercial complex. The Company currently holds 5 projects with controlling interest and participation interest, including Shanghai Suhewan, Chengdu OCT, Tianjin Tianxiao, Beijing Laiguangying and Xi'an OCT projects. Shenzhen Overseas Chinese Town Co., Ltd, the Group's indirect controlling shareholder, was established with the exclusive initiation by Overseas Chinese Town Enterprises Company, directly under State-owned Assets Supervision and Administration Commission of the State Council and was listed on Shenzhen Stock Exchange on 10 September 1997.
Please visit http://www.oct-asia.com for more details.
Issued by Porda Havas International Finance Communications Group for and on behalf of Overseas Chinese Town (Asia) Holdings Limited. For further information, please contact:
Porda Havas International Finance Communications Group
Keely Chan
+852 3150 6760
keely.chan@pordahavas.com
Cherry Cheung
+852 3150 6773
cherry.cheung@pordahavas.com
Ka Wai Li
+852 3150 6715
kawai.li@pordahavas.com
Claire Li
+852 3150 6711
claire.li@pordahavas.com
Overseas Chinese Town (Asia) Holdings Limited
Tel: 86-755-26935118
Email: contact.asia@chinaoct.com
