China Overseas Grand Oceans Group (HKG:0081) says that its consolidated net profit for the year ended 31 December 2011 is expected to increase significantly compared to a year ago.

Such substantial improvement is mainly attributable to the significant increase in both revenue and gross profit during the year. In addition, after the completion of the acquisition of the remaining 30% minority interest in China Overseas Grand Oceans Property Group Co., Ltd., the profit attributable to non-controlling interests is reduced, which in turn contributes positively to the profit attributable to the owners of the company.

The company plans to announce its 2011 results on February 28.