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Aoyuan Achieves Remarkable Interim Results in 2010
Time:2010-08-18
(Hong Kong, 19 August, 2010) China Aoyuan Property Group Limited ( "Aoyuan" or "the Group", Stock code: 3883.HK) announced interim results for the period ended 30 June 2010. During the period under review, the Group"s revenue increased 59.7% to RMB1,170.1 million. Gross profit increased 91.6% to RMB265.3 million as compared to the corresponding period in 2009 and gross profit margin was 22.7%. Profit attributable to shareholders rose to RMB167.3 million. Basic earnings per share was RMB6.40 cents, represented an 171% increase as compared to the corresponding period in 2009.  The Board of Directors does not recommend the payment of interim dividend. 
Commenting on the results of first half of 2010, Mr. Guo Zi Wen, Chairman and CEO of  Aoyuan, said, "With our quality projects, expertise in investment and professional management, Aoyuan is able to achieve excellent sales for the first half of 2010. We"ve launched a series of high-quality projects into the market in response to the market demand. In addition, we would continue to strengthen our resources and management capability as well as to improve our branding and core competitive advantages.
During the period, the Group"s contracted sales were RMB1,197.1 million. Total gross floor area (GFA) sold was 106,300 sq. m..The completed and delivered GFA was 247,700 sq.m and the recognized revenue was RMB1,164.9 million, representing an increase of 50.4% and 60.7% respectively when compared with last corresponding period. This clearly reflects the Group"s excellent execution capabilities.

Stable and healthy financials 
Building on the remarkable results and sophisticated financial planning, the Group had approximately RMB2.3 billion cash and bank balances as at 30 June 2010. The Group had a HK$500.0 million 5-year syndicated loan by Nanyang Commercial Bank and Bank of China during the period, mainly used for general working capital. After taking into account of proceeds received, the net gearing ratio maintains at a healthy level of 27.4%. The stable and healthy financial situation can serve as a foundation for the Group"s further business and revenue growth.

Land Bank 
The Group"s strategy is to implement regional focus with a strategic deploy embracing five major economical circles within the PRC, including Pearl River Delta, Yangtze River Delta, Pan Bohai Rim, Beibuwan as well as Central and Western China, as our core regions and mainly located at Guangzhou, Jiangxi, Chongqing, Yulin and Shenyang.  As at 30 June 2010, the Group"s land bank has grown remarkably from approximately 5.6 million sq. m.. as at 30 June 2009 to approximately 8.8 million sq. m.. The average cost of our land bank is about RMB550 per sq. m.. Our land bank is sufficient for next 5 to 7 years development. 

Our unique brand – "Building a healthy, low-carbon lifestyle" 
Aoyuan continues its development concept "Building a healthy, low-carbon lifestyle". Subsequent to the period end, the low carbon healthy villa Nansha Aoyuan?Mountains Sea No. 1 was launched in the market. The Group entered into an agreement with Guangzhou University of Chinese Medicine in April 2009 to develop "Aoyuan Regimen Center" together. Upon completion, the project will become a unique regimen center  that targets customers from the Pearl River Delta region, Guangzhou, HK and Macau with a mission of providing a lifestyle of  regimen to high and middle class. In addition, Zhongshan Aoyuan has applied for designation as a PRC Healthy Housing pilot project. Aoyuan was the first one to advocate the idea of low-carbon lifestyle and also leading the mainstream direction of industry once again. 

Outlook for 2010
For the future development, Mr. Guo said, "In view of the complex economic situation in the future, uncertainties of Chinese property market are increasing. According to regional market changes, the Group would adjust its product type and development progress, as well as increase the proportion of developing residential projects so as to speed up the money return and ensure positive cash flow. Aoyuan implemented a dual development strategy "Residential as core and supplemented by commercial properties development" which aims at balancing product distribution to achieve steady growth and return. Meanwhile, the Group will increase land bank in a prudential and rational way with M&A and actively seek "three old reformations" (old town, old factory and old village) projects to grasp the development opportunities in order to generate the greatest return for our shareholders." 




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