omniture

DreamEast Group 2017 Interim Revenue Reaches HK$1 Billion; Net Profit Surges 81% to HK$167 Million

Completes Strategic Transformation
Develops Cultural Tourism As Core Business
2017-08-31 19:46 2567

HONG KONG, Aug. 31, 2017 /PRNewswire/ --

Financial Highlights

(HKD million)

For the Six Months Ended 30 June

2017

2016

Change

Revenue (From Continuing Operations)

1,042.6

9.9

+104 times

Net Profit

166.7

92.1

+81%

Basic Earnings per Share (HKD)

0.61

0.33

+85%

Equity Attributable to Owners of the Company

2,993.7

2,867.2

+4.4%

DreamEast Group Limited ("DreamEast" and together with its subsidiaries, the "Group," stock code: 593.HK) is pleased to announce its unaudited interim results for the six months ended 30 June 2017.

In the first half of 2017, the Group's revenue from continuing operations increased 104 times year-on-year to approximately HK$1.04 billion, mainly resulting from the increase in revenue from property development in Fangshan, Beijing, the PRC. Net profit of the Group increased 81% year-on-year to HK$167 million, mainly due to the aforesaid Fangshan project. Basic earnings per share increased 85% year-on-year to HK$0.61.

Mr. Zhou Zheng, Chairman and Chief Executive Officer of DreamEast, said, "During the period, the Group completed its strategic transformation and prioritized the development of cultural tourism as its core business. The company was officially renamed as 'DreamEast Group Limited,' in order to more accurately convey the future business plans. We believe that the co-development of cultural tourism projects and property projects will bring about synergies and help to improve the Group's long-term profitability. Dream of Jiashan and Hengyang DreamEast Resort have commenced construction in August; Suzhou DreamEast Resort is expected to start construction in the second half of 2017. Such developments have marked the Group's substantive progress in our cultural tourism business."

During the period, the principal activities of the Group included cultural tourism, property development and leasing, and other businesses.

Regarding the cultural tourism business, focusing on the three major metropolitan areas of Beijing, Shanghai and Shenzhen, the Group has planned and designed a number of tourist resort projects. With Huxiang culture as the core, the Hengyang DreamEast Resort is to comprise Cultural Town, Technology Town, Forest Town, Farming Town and five theme parks including an amusement park, a water park, The Wonder Deer Kingdom, a farming park and a modern sports park. Dream of Jiashan is to be built as a beautiful water village in Jiangnan embracing the Wuyue culture. Through the adoption of advanced internet technology, the project will effectively add the cultural element to travel in a more lively fashion. The Suzhou DreamEast Resort set on Lake Taihu will be a trendy urban resort in China boasting a distinctive combination of leisure, entertainment, sports and education functions designed to appeal to tourists with a wide swath of interests. While focusing on the development of these three projects, the Group continues to identify other projects with high potential and is sparing no effort to expand its presence in the cultural tourism industry both in scale and strength.

With regard to the property development business, the Fangshan project in Beijing is a large-scale integrated community. Phase I is divided into north, central and south zones with a planned saleable gross floor area of approximately 320,000 sq. m. Construction of the north zone was completed, and several apartment buildings were highly sought after when they were launched to the market in several batches. Some of the apartment units were delivered to buyers during the period.

Mr. Zhou Zheng, Chairman and Chief Executive Officer of DreamEast concluded, "The tourism industry in China is in the 'era of mass tourism' as described by Premier Li Keqiang. In 2016, the number of local tourists totaled 4.44 billion in China, representing a year-on-year growth of 11%, and income rose 15.2% year-on-year to RMB3.9 trillion. The market is huge and continues to grow rapidly. A distinctive product, high quality service and good customer experience are the key factors for developers to stand out among peers in the industry. Our products have enjoyed a good reputation for their commitment to originality and ingenuity. Therefore, the Group is confident that we can develop each tourist resort project under DreamEast brand into unique and exquisite works full of vitality by employing high-tech approach while exploring the characteristics of local culture.

Looking ahead, DreamEast remains committed to the vision of 'Share the Beauty of China with the World'. The Group continues to focus on the areas including tourist resort, film and animation, and resolves to establish its own IP ecosystem. As the reputation of the 'DreamEast' brand gradually strengthens in China and overseas, and our distinctive cultural tourism projects are implemented, the Group is well prepared to actively capture the opportunities in the tourism-centric economic in China, and to generate more steady and sustainable investment returns for our shareholders by further enhancing our cultural and tourism related businesses."

DreamEast Group Limited

DreamEast Group is a company listed on the Stock Exchange of Hong Kong (stock code: 593.HK) with its global headquarters located in Hong Kong, China headquarters in Beijing and the U.S. headquarters in Los Angeles. With "Share the Beauty of China with the World" as its vision, DreamEast focuses on the areas including tourist destinations, films and animations, and commit itself to establishing its own IP ecosystem. "Innovation & Globalization" is the constant guideline for its development, and the Group has strived to create a unique lifestyle and experience for its customers in the spirit of craftsmanship. For further information, please visit www.dreameast.com.

For press enquiries:

Strategic Financial Relations (China) Limited

Ms. Serine Li

Tel: (852) 2864 4835

Ms. Janice Au 

Tel: (852) 2864 4874

Ms. Phoenix Fung

Tel: (852) 2864 4850

Mr. David Ye 

Tel: (852) 2864 4893

Email: sprg-dreameast@sprg.com.hk

For investor enquiries:

DreamEast Group Limited
Ms. Katty Cheung
Email: investor.inquiry@dreameast.com

Source: DreamEast Group
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