China Overseas Grand Oceans sees operating profit surge

Business | 17 Oct 2019 3:25 pm

Mainland developer China Overseas Grand Oceans (0081) posted its operating profit for the first nine months this year surged 90 percent from a year ago to HK$6.8 billion driven by the increase in its turnover.

Revenue for the company added 1.14 times year-on-year to HK$10.7 billion in September and that for the first nine months rose 45.1 percent to HK$23.5 billion. Operating profit for September also grew 1.28 times compared with a year earlier.

Contracted sales for the third quarter amounted to HK$1.68 billion for an aggregated area of about 1.19 million square meters sold, said the company. For the nine months ended September 30, the accumulated contracted property sales amounted to HK$45.4 billion for an aggregated area of about 3.56 million sqm sold.

The company has acquired six parcels of land in the mainland for an attributable land cost of 3.7 billion yuan (HK$4.14 billion).

As at 3:07pm, shares of the developer added 0.76 percent, or 3 HK cents, to HK$3.96.

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