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HONG KONG, Mar 22, 2014 - (ACN Newswire) - C Cheng Holdings Limited ("C Cheng Holdings" or the "Group;" stock code: 8320), one of the leading comprehensive architectural service providers in Hong Kong and the PRC, today announced its annual results for the year ended 31 December 2013.
During the year, the Group's revenue increased by 20.8% to approximately HK$324.0 million (2012: HK$268.3 million), mainly attributable to the increase of revenue from architectural services which contribute 93.6% of the revenue. Gross profit for the year amounted to HK$92.4 million, representing an increase of 58.0% (2012: HK$58.5 million) and gross margin increased to 28.5% (2012: 21.8%), mainly resulting from higher cost efficiency due to streamlining of projects' work flow.
Profit for the year was HK$11.2 million (2012: HK$27.2 million). The decrease was mainly due to the listing expenses of HK$16.1 million and an equity-settled share-based payment of HK$5.2 million arisen from group restructuring. Excluding the above-mentioned non-recurring items, profit for the year 2013 would have been HK$32.5 million, representing an increase of 19.2% compared to 2012.
During the year under review, the Group secured 125 new contracts with an aggregate contract sum of approximately HK$555 million in Hong Kong and the PRC. At 31 December 2013, the Group has remaining contract sums (summation of contract sums of all existing projects multiple (100% minus percentage of completion) of approximately HK$1,037 million. Besides architecture, the Group's service of: (a) landscape architecture; (b) town planning; (c) interior design; and (d) heritage conservation contributed 8.7% of the total contract sums of contracts signed, representing a significant increase of 365.4% in terms of the proportional contribution. The Group has not only established offices in first- and second-tier cities such as Hong Kong, Shenzhen, Shanghai, Guangzhou, Chengdu and Shenyang, but has also extended its geographical coverage of business to Vietnam, Sri Lanka and third-tier cities in China, providing consultancy services in residential and hotel development projects.
Mr Ronald Liang, Chairman of C Cheng, said, "The past year has marked a milestone for us and the industry as we became the first listed architectural service provider in Hong Kong and the PRC. We are pleased to present our first annual report with a satisfactory growth in revenue and gross profit as we continued to strengthen our position as one of the leading architectural service providers in Hong Kong and the PRC. Looking ahead, we will continue to work closely with our offices in providing comprehensive services in our five service sectors, in order to maintain our tradition of creative design solutions and our commitment to provide high-quality services to our clients."
Being a multinational architectural practice with more than 550 staff, the Group pays close attention to building long-term relationships with its clients, including blue chip and red chip property developers. During the year under review, the Group has over 350 projects on hand with some of the projects substantially completed in the year as shown below:
PRC
The Amethyst, Putuo District, Shanghai
Situated in Chengfeng Ecological Business zone of Putuo District, Shanghai with a site area of 142,108 sq.m., The Amethyst is a high-end residential project developed by China Overseas Land & Investment Ltd.
Gusu Villa, Suzhou
Situated in Suzhou New District with site area of 44,046 sq.m. Gusu Villa project includes 10 residential high-rises and 8 houses developed by China Overseas Land & Investment Limited.
Chengdu IFS, Chengdu
Covering a site area of 54,900 sq.m., Chengdu IFS is the key project of Wharf Group's in Chengdu. The design architect is Benoy Hong Kong Limited
Hong Kong
28 Barker Road
Situated in one of the finest areas in Hong Kong, 28 Barker Road is developed by Hutchison Whampoa Limited with its House 8 being sold as one of the most expensive single-dwellings in Hong Kong.
Argenta
Developed by Swire Properties, Argenta is situated at No. 63 Seymour Road at Mid-levels West. The design architect is AB Concept.
Kadoorie Hill
Developed by Wheelock Properties, Kadoorie Hill is a luxury residential project located in Prince Edward West.
Prospects
With extensive experience and an effective operations model, the Group believes that its market position will be enhanced and growth will remain sustainable in the coming year. The Group will expand its current offices in the first-tier cities in the PRC due to increasing project volume, and will establish new offices in Southeast Asia to lower operating costs, increase market penetration and gain access to more professional partnerships.
Mr Ivan Fu, Chief Executive Officer of C Cheng, concluded, "Riding on our enhanced corporate reputation and greater brand awareness, we will reinforce our multi-center operations model to expand our market share in the PRC to bring higher productivity and profits. Apart from that, we will enhance our information technology infrastructure in order to expand our capabilities. These strategies should help us to attract new clients and successfully develop our business. In addition, by taking the PRC and Hong Kong markets as a foundation, we will expand our business to overseas markets in stages to strive for greater accomplishments."
Contact:
Strategic Financial Relations Limited
Vicky Lee +852 2864 4834 vicky.lee@sprg.com.hk
Angela NG +852 2864 4855 angela.ng@sprg.com.hk
Jerry WONG +852 2114 4320 jerry.wong@sprg.com.hk
Topic: Press release summary
Source: C Cheng Holdings Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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