Aug 13, 2014 Uncategorized Comments Off on CIFI Holdings Announces 2014 Interim Results
Balanced Development, Sustainable Growth
Contracted Sales Increased by 42.5% YoY to RMB10.2 Billion
Core Net Profit Attributable to Equity Owners Up by 12.0% YoY to RMB646 Million
HONG KONG, Aug. 13, 2014 /PRNewswire/ —
Results Highlights and Outlook:
Strong Sales Performance in 1H2014; Outperforming Peers:
Contracted sales grew by 42.5% YoY to RMB10.2 billion, and achieved 46% of annual sales target. Launched 9 new projects in 1H2014, with total of 43 projects contributing sales. Contracted ASP reached RMB12,500 per sq.m., up 25% and 17% respectively compared to those for 1H2013 and FY2013.
Continued profit margin improvement: gross profit margin and core net profit margin improved to 26.4% and 12.9% respectively. Core net profit attributable to equity owners grew by 12% YoY to RMB646 million.
Prudent and Solid Financial Management; Debt Structure Modified:
Gearing ratio remained stable; net gearing ratio was 71.1%.
Cash-on-hand was RMB6.41 billion.
Proportion of onshore trust and other non-bank borrowings decreased to 9% (31 Dec 2013: 18%). Proportion of unsecured offshore debt increased to 38% (31 Dec 2013: 31%).
Average interest rate decreased to 8.7% (31 Dec 2013: 9.2%). Lengthen average duration of debts to 3.7 years (31 Dec 2013: 3.5 years).
Implemented “Balanced Development and Sustainable growth” Strategy; A Successful Industry Consolidator:
Nationwide, well-balanced and high quality land bank: more than 60 projects in 13 cities, 3 major regions. As of 30 June 2014, total GFA was 9.5 million sq.m and attributable GFA was 7.5 million sq.m.
Contracted sales were approximately RMB11.72 billion for the first seven months in 2014, completed approximately 53% of full year 2014 contracted sales target of RMB22 billion, and is fully confident to achieve full-year contracted sales target this year.