公司新聞
Company News
Company News

CNQC Announces 2018 Interim Results Expands in the new markets of “Belt and Road” Countries Further Develops Southeast Asia Markets

Updated Date: 2018-08-30

Ÿ   Further developing Malaysia market, the Group won two tender offers of Malaysian construction projects

Ÿ   Actively replenish land bank. Signed an agreement with owners of Goodluck Garden in Singapore, which is expected to become the company's second     collective sales project.

Ÿ   Declared an interim dividend of HK$0.06 per ordinary share and per CPS

 

(30 August, 2018 - Hong Kong) CNQC International Holdings Limited ("CNQC International," "the Company," together with its subsidiaries, collectively "the Group”, stock code: 1240.HK), a leading property developer and contractor in Singapore, is pleased to announce unaudited condensed consolidated interim results for the six months ended 30 June 2018 (“the Reporting Period”).

 

For the six months ended 30 June 2018, the Group’s total revenue was approximately HK$5,138.7 million (2017: approximately HK$7,711.2 million). During the Reporting Period, the Group recorded a net profit attributable to owners of the Company of approximately HK$223.6 million (2017: approximately HK$459.4 million).

 

The Board has resolved to declare an interim dividend of HK$0.06 (2017: HK$0.06) per ordinary share and per convertible preference shares (“CPS”) for the six months ended 30 June 2018.

 

Property development business — Singapore

For the Reporting Period, the revenue of property development in Singapore is HK$3,421.6 million, accounted for approximately 66.6% of total revenue. During the Reporting Period, the Group started to hand over units at Visionaire, which obtained the Temporary Occupation Permit (“TOP”) in June 2018. The sales revenue of Visionaire achieved HK$3,100.0 million during the Reporting Period. Le Quest is a private mixed development project under development and it started to recognize pre-sales revenue from 2018 based on its percentage of completion. As such, it recognized pre-sales revenue of HK$277.9 million during the Reporting Period.

 

During the Reporting Period, the Group’s tender has been duly accepted by the vendors of the Goodluck Garden. It is a freehold land with a land area of approximately 33,457 sq. m. with an estimated GFA of 46,840 sq.m. and it is intended to be developed as a private condominium. The management will continue to replenish its land bank in order to attain long term development.

 

Construction business — Hong Kong, Macau and Singapore

For the six months ended 30 June 2018, revenue from the construction contracts in Hong Kong was approximately HK$686.2 million. The Group had undertaken four new projects, mainly superstructure work for residential projects in Hong Kong. The total contract sum of these projects was approximately HK$30.3 million. As at 30 June 2018, there were 9 projects on hand with outstanding contract sums of HK$525.3 million.

 

During the Reporting Period, the Group’s revenue from the Singapore and Other Southeast Asia countries construction contracts for the Reporting Period was approximately HK$1,031.0 million. The Group completed 6 construction projects including 4 Housing and Development Board construction projects, 1 private property development project and 1 owned property development project. As at 30 June 2018, there were 20 construction projects on hand and the outstanding contract sums are approximately HK$7,560.0 million.

 

Mr. Cheng Wing On, Chairman of CNQC International said: "In the first half of 2018, trade protectionism had an increasing impact on the global economy and posed a mounting challenge to the global market as well. Despite this situation, we have, in line with the Company’s ”Localisation, Globalisation and Integration” strategies, remained steadfast to expand in the new markets of “Belt and Road” countries including Malaysia and Indonesia where we have advanced our new operations, while consolidating our position in Singapore, Hong Kong and Macau.”

 

“To achieve an even higher profit growth, we are investigating potential property development projects and potential acquisition of property developers opportunities in Hong Kong, Macau and Southeast Asian markets. Meanwhile, we are considering introducing partners and investing through an investment fund to reduce risks. To enhance the capital use efficiency, the Group will consider investing in funds in the second half of the year to achieve superior investment returns. In addition, the Group will continue to strengthen cost control and increase construction efficiency to create long-term value for our shareholders.” Mr. Cheng added.