Sino-Ocean Group's First Half Total Revenue Soars 90% Thanks to Growing Property Sales
Zhang Xia
DATE:  Aug 24 2017
/ SOURCE:  Yicai
Sino-Ocean Group's First Half Total Revenue Soars 90% Thanks to Growing Property Sales Sino-Ocean Group's First Half Total Revenue Soars 90% Thanks to Growing Property Sales

(Yicai Global) Aug. 24 -- Chinese real estate developer Sino-Ocean Group Holding Limited [HKG:3377] posted sales growth of over 80 percent and net profit of nearly USD400 million in the first half of the year due to good overall property sales.

The first half earnings report that the company released yesterday shows the company's property project delivery volume increased significantly during the first six months of 2017. In the first half, the turnover was CNY17.25 billion (USD2.57 billion), up 85 percent over the same period last year. Net profit was CNY2.66 billion (USD398 million), up 84 percent and core net profit was CNY1.52 billion (USD227 million), an increase of 59 percent.  

Among them, the property development business turnover accounted for about 88 percent of the group's total revenue, and the area of investment properties available for leasing reached 1.13 million square meters, with rental income of about CNY900 million (USD134 million).

In the first half, new land reserve resources totaled more than 10 million square meters, and the company has for the first time entered the market of Shijiazhuang, Suzhou and other hot cities. As of June 30, the total land reserve of the group in 25 cities reached over 30 million square meters, the company said.

While promoting the growth of its main business, the company will also accelerate the development of new business, Li Ming, chairman and CEO of Sino-Ocean Group said, adding that at present, the company's new pension business covers the major cities, including Beijing, Shanghai, and Guangzhou.

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Keywords:   Financial Performance,Sino-Ocean Group