Sino-Ocean Land Holdings Limited ("Sino-Ocean Land", together with its subsidiaries, the "Group", stock code: 3377) announced the annual results for the year ended 31 December, 2007. The Group's turnover reached RMB 5.75 billion, representing an increase of 55% from 2006. Profit attributable to equity holders tripled that of 2006, reaching RMB 1.72 billion. Gross profit margin widened 3.8 percentage points to 33.2%. Earnings per share were RMB0.51. The Board of Directors proposed a final dividend of HK12 cents per share.
Mr. LI Ming, CEO of the Group, commented, "We are proud of our outstanding performance in 2007, our profit grew 200% from the previous year, surpassing the forecast during our IPO last year. Meanwhile, as suggested by the contracted pre-sale amount in 2007, the Group expects to secure revenue of RMB 4 billion for 2008, conforming our commitment to achieve sustainable and steady growth for our shareholders."
Solid Financial Position Maintained
As at 31 December 2007, the Group's cash and cash equivalents amounted to RMB8.47 billion, while net debt to net capital ratio was only 14.3%.
Pan-Bohai Rim as the Core Development Area
In 2007, the Group acquired land parcels in the Pan-Bohai Rim such as Beijing, Tianjin, Dalian and Shenyang, as well as other high growth areas including Hangzhou and Zhongshan with GFA aggregating 4.68 million sq.m. As at the end of 2007, the planned GFA of total land bank was 10.18 million sq.m., while planned GFA attributable to the Group was approximately 8.81 million sq.m. About 75% of the land reserve is located in the Pan-Bohai Rim, which benefits from government policies and have great potential. This strategic planning of land reserve solidifies Sino-Ocean Land's leading position in the area.
Commenting on the Group's development plan in 2008, Mr. Li said, "Our existing land parcels are located in prime areas that are easily accessible. They can satisfy the Group's development needs in the coming 3 to 4 years. We shall continue to reinforce our strategy with Pan-Bohai Rim as our core development area, while tapping into other cities of unique competitive advantages. Moreover, we shall adhere to our prudent yet active approach to enhance our brand strength and add value to our products, so as to create value for our shareholders."
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