(Hong Kong, 27 November 2020) – Chuang’s Consortium International Limited (“Chuang’s Consortium” or “the Group”) (HKSE: 0367) announced its interim results for the six months ended 30 September 2020 (“the Period under Review”).
During the Period under Review, revenues of the Group increased by 5.5 times to HK$1,847 million (2019: HK$286 million). The Group’s profit attributable to equity holders of the Company increased by 53.8% to HK$49 million (2019: HK$32 million), which was principally attributable to the recognition of revenues and profit for the sales of The Esplanade in Tuen Mun, Hong Kong during the Period. Financial position was strengthened with total cash resources (including investments held for trading) of HK$5.6 billion (2019: HK$5.0 billion). Net debt to equity ratio of the Group improved from 19.2% to 10.8%. The board declared an interim dividend of 1.5 HK cents (2019: 1.5 HK cents) per share.
For the Esplanade in Tuen Mun, upon the issuance of the certificate of compliance, 358 residential units (out of the pre-sold 366 units) have been handed-over to end-buyers during the Period under Review. The Group will continue to market the remaining unsold 5 residential units and carparking spaces, as well as the commercial units in the commercial podium in order to generate more income to the Group.
In addition, the Group has successfully completed the disposal of the investment property in the United Kingdom for approximately GBP93.8 million (equivalent to approximately HK$971.5 million). The disposal has greatly strengthened the Group’s overall financial position.
For the redevelopment project at Gage Street, the Group has unified the ownership of Nos. 16-20 Gage Street and successfully consolidated this project with a total site area of about 3,600 sq. ft.. Hoarding and demolition works have been commenced which will be completed in the first half of 2021.
Mr. Albert Chuang Ka Pun, Chairman and Managing Director of Chuang’s Consortium, stated “Going forward, we will continue to push forward the construction works of the projects at Gage Street, Po Shan Road, Mongkok and Ap Lei Chau, and pursue the commencement of the pre-sale of the Mongkok joint venture project. Moreover, we will also review and monitor the tenant status and tenant mix of our investment properties from time to time. We are confident that, with the implementation of the above strategies, the Group’s financial position as well as the net debt to equity ratio will be improved.”