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Overseas Chinese Town (Asia) Holdings Limited (hereinafter referred to as OCT (Asia)) was listed on t…

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OCT (Asia) Net Profit Tripled

Published Date:2015-08-13 Source:

 (Hong Kong, 13 August 2015) Overseas Chinese Town (Asia) Holdings Limited (“OCT(Asia),” the “Company,” together with its subsidiaries the “Group,” HKSE stock code: 3366.HK) is pleased to announce its interim results for the six months ended 30 June 2015.


Results Highlights

For the six months ended 30 June

For the six months ended 30 June 2015, the Group recorded a turnover of approximately RMB1,996 million, representing an increase of approximately 29.7% from the same period of 2014; and profit attributable to owners of the Company was approximately RMB105 million, representing an increase of approximately 293.4% from the same period of 2014. Basic earnings per share stood at RMB0.138, showing an growth of approximately 345.2% from the same period of 2014, with no interim dividend recommended.


Comprehensive Development Business

For the first half of 2015, thanks to a multi-policy strategy undertaken by the central and local governments, China saw a recovering housing market. The Group well grasped such market opportunities, fully utilized brand advantages and thus achieving satisfactory operating results in its comprehensive development business. For the six months ended 30 June 2015, our comprehensive development business recorded a turnover of approximately RMB1,584 million, representing an increase of approximately 39.6% from the same period of 2014; profit attributable to owners of the Company was approximately RMB94.57 million, showing an increase of approximately 449.9% from the same period of 2014.


During the period under review, the Beijing Unique Garden Project continued its hot sales in the first half of this year, and recorded profitability due to the commencement of recognition of revenue, which contributed an investment return of approximately RMB74.22 million to the Group, becoming the key profit driver to financial growth in the first half of the year. In addition to performing as a profit contributor, Projects of the Group were recognized widely by the industry.During the period, the Shanghai Suhewan Project won two major awards from “International

Property Awards 2015,” which is known as the “Real Estate Oscar,” including the “Asia Pacific 2015 Highly Commended Apartment” and the “Asia Pacific 2015 Highly Commended Residential Renovation/Redevelopment,” standing out as the only awarded project in Shanghai. Also, Chengdu OCT was awarded the “Chengdu Featured Business District” honor by the Bureau of Commerce of Chengdu.


In addition to promoting sales of existing projects, The Group successfully acquired approximately 33.33% equity interest in Chengdu Culture & Tourism Development Company Limited at a total subscription price of RMB265,250,000 (approximately HKD335,759,494). The subscription not only enriched the investment portfolio of the Group, but also enable the Group to increase brand influence and further expand its market share across Southwest China.


Paper Packaging Business


During the period under review, faced with unfavorable business conditions but with 30 years of experience in the operations and development of the packaging and printing industry, the Group innovated in its market expansion while consolidating its internal management, tapping market segments actively and optimizing costs and efficiency at the same time. For the six months ended 30 June 2015, our paper packaging business recorded a turnover of approximately RMB412 million, representing an increase of approximately 2.0% as compared with the same period of 2014; and profit attributable to owners of the Company was approximately RMB10.43 million, representing an increase of approximately 9.9% from the same period of 2014.


Prospects

In the second half of the year, the Group will grasp advantageous opportunities amid the improving market climate, enhance existing project marketing, speed up the recovery of funds, and improve cash flow efficiency. New products will be launched during the second half of the year and existing products will be sold continuously. The vibrant sales of Shanghai Suhewan Project are expected to bring a satisfactory turnover to the Group. What’s more, for Paper Packaging Business, the Group will continue optimize customer structure, endeavor to make breakthroughs from “e-commerce” customers, and achieve the “Internet Plus” transformation and upgrading of the packaging business. Suzhou Production and the R&D Base will be completed and put into operation in the second half of the year. It will further consolidate and improve our market share in the Yangtze River Delta region, and maintain the Group’s leading position in the paper packaging industry.


In the future, the Group will adhere to its established strategies and continue to search for quality project resources in areas with development potential within first and second tier cities. The Group will increase its project reserves through multiple channels and means, and leverage on its experience and advantages in comprehensive development to constantly innovate products, enhance the project company collaboration model of equity diversity, reinforce the diversified business cooperation patterns and future development potential of the Group.