(Hong Kong, 27 June 2019) – Chuang’s Consortium International Limited (“Chuang’s Consortium” or “the Group”) (HKSE: 0367) announced its annual results for the year ended 31 March 2019 (“the Year under Review”).
During the Year under Review, the Group’s profit attributable to equity holders of the Company amounted to HK$1,226.6 million (2018: HK$1,297.1 million). Earnings per share amounted to 73.34 HK cents (2018: 77.39 HK cents). Financial position of the Group was further strengthened with total cash resources (including investments held for trading) of HK$5.6 billion (2018: HK$3.9 billion), representing a year-on-year jump of 44%. Net debt to equity ratio improved from 22.3% to 13.8%.
The board proposed a final dividend of 6.5 HK cents (2018: 5.0 HK cents) per share, making the total dividend for the year to be 10.0 HK cents (2018: 8.0 HK cents) per share, representing an increase of 25% over that of the last year.
During the Year under Review, the Group has successfully completed the disposal of No. 15 Gough Hill Road, The Peak, Hong Kong and received the remaining sale proceeds of about HK$980 million in cash and recorded a further net gain of HK$461.2 million. Furthermore, pre-sale of The Esplanade in Tuen Mun, Hong Kong has commenced in October 2018 with satisfactory results. Out of the total 371 residential units, 352 residential units have been pre-sold with aggregate sales value of about HK$1,571.1 million, and approximately HK$461.4 million sales deposits have been received.
In addition, the Group has submitted the application for the compulsory acquisition of No. 16 and No. 18 Gage Street in March 2019. In parallel, the Group has successfully acquired some more units by private treaty after such application, making the current ownership to be 88.9% and 87.5% for No. 16 and No. 18 Gage Street respectively, pushing ahead the whole site acquisition.
Mr. Albert Chuang Ka Pun, Vice Chairman of Chuang’s Consortium, stated “Going forward, we will speed up the acquisitions of the remaining units of Gage Street in order to kick off the redevelopment. Renovation and upgrading works are carrying out at our major investment properties in order to keep on improving rental yield and return and thus their capital values. Furthermore, we will continue to identify new business opportunities including land acquisitions and property investments. We are confident that, with the implementation of the above strategies, further value can be created for our shareholders.”