Shui On Land (00272) said its profit attributable to shareholders for the year ended 31 December 2016 rose 38.1% year-on-year to Rmb1,088 million.
Basic and diluted earnings per share were Rmb0.14.
Turnover of the group amounted to Rmb17,600 million, an increase of 172% from a year earlier. In addition to the property sales recognised as turnover, the Group also completed Rmb5,700 million of asset disposals recognised under disposal of subsidiaries, being the disposal of 3 Corporate Avenue at Shanghai Taipingqiao. Rental and related income increased by 6% to Rmb1,716 million.
Gross profit surged 250% year-on-year to Rmb5,905 million, while operating profit soared 427% year-on-year. Compared with 2015, gross profit margin increased 8 percentage points to 34% in 2016. The higher gross profit margin was mainly due to higher margins contributed from property sales in Shanghai and Wuhan which accounted for a portion of 73% of the Group's property sales for the year 2016 (2015: 41%).
The proposed final dividend is HK3.9 cents (2015: HK2.8 cents) per share, payable on or about 18 July 2017.
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