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Monday, 13 February 2017, 19:24 HKT/SGT
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Source: Sino Harbour Holdings Group Limited
Sino Harbour Announces 2016/2017 Third Quarter Results; Profit Up 152.3% YoY to RMB79.5 Million

HONG KONG, Feb 13, 2017 - (ACN Newswire) - Sino Harbour (Stock code: 1663) today announced its unaudited results for the nine months ended 31 December 2016. During the period under review, profit after tax up 152.3% year-on-year to RMB79.5 million.

During the first nine months, Sino Harbour's revenue increased by 27.5% to approximately RMB605.2 million, mainly attributable to the delivery of residential units of Nanchang Sino Harbour Kaixuan City Zone 3 and Fuzhou Hua Cui Ting Yuan Phase 3. Gross profit margin improved by 8.5 percentage points to 22.0% thanks to a higher profit margin of Nanchang Sino Harbour Kaixuan City Zone 3.

As at 31 December 2016, the percentage of pre-sale of Sino Harbour's 2 property projects, namely Fuzhou Hua Cui Ting Yuan Phase 3 and Yichun Royal Lake City Phase 2 ranged between 98% to 99%, which is proof of the popularity of its property projects in the market and the Group's accurate and effective pricing strategies.

Sino Harbour constantly reviews its strategies and operations looking for rooms to improve business performance and increase investment returns. In January 2017, it set up a new subsidiary Guangxi Gangrun Bio Technology Limited to tap the potential of the emerging stem cell industry in Guangxi Zhuang Autonomous Region in the PRC.

Mr. WONG Lui, Executive Director of the Group, said, "Sino Harbour will continue to explore and enhance its medical- and pharmaceutical-related businesses to broaden its revenue stream. And, at the same time, it will carefully assess development opportunities in the property sector and participate with moderation in the market. Looking ahead, we will continue to identify other investment opportunities that can allow us to expand and diversify our business portfolios."



Feb 13, 2017 19:24 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Real Estate
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