AndhraNews.net
Home » Business News » 2012 » September » September 3, 2012

Zhong An Announced 2012 Interim Results


September 3, 2012 - Hong Kong

Zhong An Real Estate Limited ("Zhong An" or the "Group"; stock code: 672), one of the leading PRC property developers in Pan Yangtze River Delta region, announces the unaudited operating results of the Company and together with its subsidiaries (the "Group") for the six-month period ended 30 June 2012 (the "period under review").

Financial Highlights


(For the six months ended 30 June 2012) RMB000
Revenue 307,774
Profit attributable to owners of the parent 20,908
Earnings per share attributable to ordinary 0.01
equity holders of the parent (RMB)


During the period under review, the revenue of the Group was RMB307,774,000, representing an increase of 24.8% from RMB246,631,000 for the corresponding period in 2011. The gross profit was RMB159,954,000 (corresponding period in 2011: RMB 129,740,000), representing an increase of 23.3%. Such increases were due to the increase in the recognition of sales of property during the period under review. The unaudited profit attributable to the owners of the parent was RMB20,908,000 (corresponding period in 2011: RMB46,378,000), representing a decrease of 54.9%. The decrease was mainly due to the government's regulatory controls that led to the increase in fair value of the investment properties for the period under review lesser than that of the corresponding period in 2011. The fair value of the investment properties for the six-month period ended 30 June 2012 was RMB16,435,000 (corresponding period in 2011: RMB105,550,000). If excluding the effects from the decrease in the increment of fair value of investment properties, the company was restored to profitability in term of the core profit. The unaudited earnings per share for the six-month period ended 30 June 2012 was RMB0.01.

As at 30 June 2012, the area of property sold and delivered by the Group was 44,977 sq.m. (corresponding period in 2011: 22,337 sq.m.), representing an increase of 101%. The average sales price per sq.m. achieved by the Group was RMB5,675 (corresponding period in 2011: RMB8,650), representing a decrease of 34.4%. The average cost per sq.m. was RMB2,887 (corresponding period in 2011: RMB4,665), representing a decrease of 38.1%. The primary reason was that the majority of sales came from the sales of apartments of Vancouver City in Anhui Province which were sold at lower selling price and cost of sales.

As at 30 June 2012, the total GFA of the Group's land bank in Zhejiang Province, Anhui Province and Jiangsu Province was 4,608,830 sq.m., 1,537,362 sq.m. and 221,500 sq.m. respectively, which was 6,367,692 sq.m. in total. This sizable land bank is sufficient for development in the coming four to five years.

During the period under review, the leasing operation contributed a stable cash inflow to the Group with a rental income of RMB35,407,000 (corresponding period in 2011: RMB33,475,000), representing an increase of 5.8%. The property management operation of the Group recorded a turnover of RMB9,392,000 (corresponding period in 2011: RMB6,711,000), representing an increase of 39.9%;

Looking ahead, Mr. Shi Kancheng, Chairman of Zhong An Real Estate stated, "The Group will continue to maintain a prudent approach in its operation and financial management so as to maintain a favourable return and sufficient cash inflow to endure such regulated market conditions. As urbanization of the country is expected to be continued, the development of property market in the PRC will remain stable. The Group will continue to produce products of high quality with value added services, such as property management and ancillary services provided for the homeowners of the properties managed by the Group, which have been helping to enhance the branding of the Group. As a result, we are able to strive to attain greater market coverage in Yangtze River Delta."

Source: Zhong An Real Estate Limited

Copyright 2012 ACN Newswire. All rights reserved.

ACN Newswire

Comment on this story

Share