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| Thursday, 31 August 2017, 21:40 HKT/SGT | |
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HONG KONG, Aug 31, 2017 - (ACN Newswire) - Great Wall Pan Asia Holdings Limited ("GWPA" or the "Company", together with its subsidiaries, the "Group", stock code: 583.HK) achieved sound and stable development in the first half of 2017 with actively seeking breakthrough in financial services business and constantly fulfilling the objective of business diversification. For the six months ended 30, June 2017, the total assets of the Group were HK$1,834.1 million, representing an increase of 10.1% over the end of last year. Total equity was HK$1,805.2 million, representing an increase of 10.1% over the end of last year. Earnings per share was HK10.58 cents.
For the six months ended 30, June 2017, profit attributable to shareholders of the Company was HK$165.8 million and operating profit was HK$170.3 million, as compared with the profit attributable to shareholders of HK$1,595.4 million and operating profit HK$126.8 million respectively for the same period last year. Operating profit mainly reflected an increase of 34% over the same period in the revenue of property investment business, the Company's principal business.
The decrease in profit attributable to shareholders in the first half of 2017 was mainly attributable to gain on disposal of discontinued media business as well as other one-off profits in the first half of 2016, with a total of approximately HK$1,464.8 million.
The Company's investment property portfolio in Hong Kong comprises certain floors of the Bank of America Tower in Admiralty, Yue King Building in Causeway Bay, Ko Fai Industrial Building in Yau Tong, Kowloon and Sea View Estate in North Point. The property investment segment is expected to continue to contribute stable rental income and profit to the Company by maintaining satisfactory occupancy rates of and income from the investment properties in Hong Kong.
Leveraging on the licences to carry out Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance ("SFO") that the Group is expected to possess by the fourth quarter of 2017 and the money lenders licence, the Group will promote the interconnection between its financing and investment business and licensed business, and establish an integrated financial service platform regarding the three major business segments, namely "securities", "corporate finance" and "asset management". Moreover, the Company will continue to identify suitable investment and business development opportunities prudently and thoroughly, to better utilise its capital to expand the scope of business, to explore potential projects and to acquire good quality assets.
Looking forward, the management of GWPA stated that "he Company continues to develop the principal business in property investment and in the meantime, is formulating development plans and strategies to accomplish the strategic objectives of transforming the Group into a conglomerate with business in property investment and integrated financial services, and developing the Company as a major listed entity and an integrated development platform of China Great Wall Asset Management Co., Ltd. ( "GWAMC", a state-owned financial conglomerate engaged in a broad range of integrated financial services) outside Mainland China. These objectives can be acheieved by leveraging the solid foundation and strengths that GWAMC has formed in Hong Kong and Mainland China, the diversified capital market in Hong Kong and the sound financial position of the Group. The Group continues to enhance its potential long-term growth by suitable diversification of its businesses, thereby generating favourable investment returns to shareholders."
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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