Revenue Significantly Increased by 88.6% to RMB 171.6 million, Profit Surged by 116.8% to RMB 43.6 million
 

Hong Kong, Nov 15, 2011 - (ACN Newswire) - Sino Harbour Property Group Limited ("Sino Harbour" or the "Company") (HKSE: 1663), a recognised developer of residential and commercial properties in the fast growing cities within Jiangxi Province, the PRC, announced its interim results for the six months ended 30 September 2011 ("the period under review").

-- Revenue up 88.6% to RMB171.6 million (FY2010/11 interim: RMB91.0 million)
-- Net profit surged by 116.8% to RMB 43.6 million (FY2010/11 interim: RMB20.1 million)
-- Favorable profit margins achieved. Gross profit and net profit margins were at 58.3% and 25.4% respectively
-- Earnings per share increased by 92.4% to RMB4.29 cents (FY2010/11 interim : RMB2.23 cents)
-- Cash and bank balance was approximately RMB299 million

During the period under review, the Group's revenue significantly increased by 88.6% to RMB171.6 million (FY2010/11 interim: RMB91 million), which is mainly attributable to the commercial units of Nanchang Honggu Kaixuan. Gross profit surged by 196.7% to RMB100.0 million, while the gross profit margin improved to 58.3% (FY2010/11 interim: 37.0%). Net profit for the period rose by around 116.8% from RMB20.1 million in the same period of last year to approximately RMB43.6 million, with net profit at 25.4%.

The Group continued to maintain a healthy balance sheet. As at 30 September 2011, the Group had cash and bank balances of approximately RMB299 million, with total borrowings decreased from RMB210 million as at 31 March 2011 to RMB140 as at 30 September 2011.

Mr Shi Feng, Deputy Chairman, Executive Director and CEO of Sino Harbour, said, "We are pleased to have achieved strong financial results with satisfactory profit margins during the period under review despite the difficult operating environment which was affected by the Government's tightening measures. Sino Harbour has been focusing on the property development in the second- and third-tier cities in the PRC, targeting the middle-to-upper segments. We maintain our pioneering position in the industry and are well-positioned to capture the ongoing strong demand of quality commodity properties in Jiangxi Province."

With the advantages of prime location and quality design and construction, Sino Harbour's projects have been receiving overwhelming response from the market, including the residential and commercial units from two major projects - Phase 2 of Nanchang Honggu Kaixuan and Phase 1 of Fuzhou Huacui Tingyuan. The pre-sale activities for these two projects were strong.

For Phase 2 of Nanchang Honggu Kaixuan, 298 residential units with a GFA of 26,732 sq. m. were pre-sold but not yet handed over to buyers as at 30 September 2011 with average selling price of RMB8,659. Nanchang Honggu Kaixuan is a landmark project in Nanchang City combining European classic architectural style and a green living environment with an aim of offering its residents a feeling of delicate, classic and high-class living style. The Group continued to release commercial units of Nanchang Honggu Kaixuan Phase 1 and 2 for pre-sale with average selling price at around RMB 21,000.

For Phase 1 of Fuzhou Huacui Tingyuan, 345 residential units with a GFA of 48,650 sq. m. were pre-sold but not yet handed over to buyers as at 30 September 2011 with average selling price of RMB4,750. Phase 1 of Fuzhou Huacui Tingyuan has adopted the style of a Chinese classic architectural design with buildings and houses interspersed among Chinese-style gardens, rivers and bridges. It is one of the premium residential projects in Fuzhou City targeting the middle-to-high end buyers.

"Looking ahead, we expect the property market of Jiangxi Province will continue to grow driven by the accelerating economic development of the central part of China. We will continue to deliver high-end properties in order to better meet the increasing market demand for quality properties. With the Group's focus on the property projects in Jiangxi Province, the PRC which is less affected by the property-related austerity measures imposed by the Central Government, we are well-positioned to capture the high growth potential from rising market demands in Jiangxi Province and the southern region of China and remain committed to bringing high value to our shareholders in the long run," Mr Shi concluded.