CR Land Publishes Interim Report for 2014

2015-03-13Source:华润置地Read:0[Return list]

On August 19, CR Land published its interim report on its business as of June 30, 2014.

In the first half of 2014, CR Land realized a total consolidated turnover of HK$ 27.688 billion and a total profit attributable to shareholders of HK$ 4.973 billion, with year-on-year increases of 75.5% and 13.4%, respectively. The consolidated gross profit margin was 30.6% for the period. The earnings per share for the same period was HK$ 0.853, an year-on-year increase of 13.3%. The Directors declared an interim dividend of HK$ 0.085, 16.4% higher than HK$ 0.073 declared for the same period of 2013.

In the first half of 2014, the company realized a total contracted price of CNY 25.564 billion and a total contracted area of 2.22996 million square meters, with year-on-year drops of 24.3% and 20.0%, respectively. In the same period, the company realized a total settlement income of HK$ 24.054 billion and a total settlement area of 1.652 million square meters for the properties developed, with year-on-year increase of 91.2% and 77.1%, respectively.

As of the end of June, 2014, the company had six MIXC Cities and three Dreamports put into operation. The scale of real properties in which the company invests is increasing gradually, with the properties funded by the company totalling 2.5021 million square meters. Thanks to the rise in the rental rate of the well-developed properties and the rapid increase in the rental income from newly developed properties, the total turnover from the properties funded by the company, including that from hotel operations, totalled HK$ 2.627 billion, an year-on-year increase of 21.9%.

As of July 31, 2014, the company has realized a total contracted price of CNY 29.821 billion. 67.381 billion Together with the contracted price of unsettled for properties sold as of the end of 2013, the company has a total contract price of CNY 97.202 billion settled in 2014 or to be settled in 2014 or later (including the part already settled in the first half of 2014).

The company continues to operate following its prudent financial policy. As of June 30, 2014, the total interest-bearing debt ratio was 44.8%, and the net interest-bearing debt ratio was 55.4%, slightly higher than the end of 2013, yet within an acceptable level. The cost of capital of the company remained at a low level, with an average interest-bearing liability interest rate of 4.14% as of the end of June 2014. 
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