Highlights
– Income amounted to HK$683.7million, a rise of 257% from the final corresponding interval.
– Web revenue for the interval was HK$52.6 million, representing a lower of 52.7%.
– The Board resolved to not declare any interim dividend for FH 2024/25.
– Develop the 2 new information centres iTech Tower 3.1 and three.2 in Fanling in fine condition.
– Proceed to promote the remaining models of The Grand Marine and Cristallo.
HONG KONG, Nov 26, 2024 – (ACN Newswire) – Grand Ming Group Holdings Restricted (the “Firm” and along with its subsidiaries, the “Group”, inventory code: 1271.HK) immediately declares its interim outcomes for the six months ended 30 September 2024 (“FH 2024/25”).
The Group’s consolidated income elevated by 257% from HK$191.7 million for the six months ended 30 September 2023 (“FH 2023/24”) to HK$683.7 million for FH 2024/25. The Group recorded a internet revenue of HK$52.6 million for FH 2023/24, representing a lower by 52.7% when in comparison with that of HK$111.1 million for FH 2023/24. Primary earnings per share was 3.7 HK cents (FH2022/23: 7.8 HK cents). The Group’s underlying revenue for FH 2024/25, excluding the impact of the change in honest worth of funding properties, amounted to HK$27.0 million, representing a rise of 19.8 occasions as in comparison with an underlying revenue of HK$1.3 million for FH 2023/24. Improve in income and underlying earnings had been primarily attributable to extend in models of “The Grand Marine” and “The Grands” accomplished and handed over to patrons throughout the interval below evaluate.
With difficult market panorama and adhering to prudent monetary administration, the Board resolves to not declare any interim dividend for FH 2024/25.
The Group has demonstrated a excessive stage of experience in initiating and executing property growth tasks. At current, the Group’s accomplished property tasks on the market embrace “The Grand Marine” at Tsing Yi, “The Grands” at To Kwa Wan, and “Cristallo” at Kowloon Tong.
The residential growth challenge “The Grand Marine” is positioned at No. 18 Sai Shan Street, Tsing Yi, the New Territories. It presents 776 models with a complete gross ground space of roughly 400,000 sq. toes. Market response was overwhelming with all typical models being offered and only some particular models remained out there on the market. In the course of the interval below evaluate, round 4% (by way of models) of the entire models had been handed over to patrons with associated income recognised in FH 2024/25.
The residential-cum-commercial growth challenge “The Grands”, positioned at No. 45 Pau Chung Road, To Kwa Wan, Kowloon in shut proximity to MTR To Kwa Wan station, offers 76 residential models with business retailers on the bottom and first ground overlaying a complete gross ground space of roughly 31,000 sq. toes. This challenge was additionally properly acquired and all residential models had been offered. In the course of the interval below evaluate, round 18% (by way of models) of the residential models had been handed over to patrons with associated income recognised in FH 2024/25.
The luxurious residential challenge at No. 279 Prince’s Street West, Kowloon, particularly “Cristallo”, was properly acquired available in the market. Cumulatively 15 out of the entire 18 models had been offered. In November 2024, one condo was offered and completion of the gross sales is scheduled to happen in November 2025.
The Group continued to execute its two property growth tasks positioned at No.1 Luen Fats Road, Fanling, and No. 66 Fort Road and No. 57 Kin Wah Road, North Level respectively.
The location located at No.1 Luen Fats Road, Fanling, the New Territories, is growing right into a 17-storey residential-cum-commercial tower plus two-level underground automotive park with a complete gross ground space of roughly 36,000 sq. toes. Superstructure works has been progressing properly and the event is scheduled to be accomplished in or round mid-2025. In September 2024, the Group accepted the supply from the Lands Division in respect of the land premium for the proposed in-situ land change. A deposit of the identical was subsequently paid in October 2024.
The challenge in North Level includes two websites at No. 66 Fort Road and No. 57 Kin Wah Road, North Level, Hong Kong, with a complete gross ground space of roughly 30,000 sq. toes. The location at No. 57 Kin Wah Road can be developed right into a 27-storey residential tower, whereas the positioning at No. 66 Fort Road can be developed right into a single-storey business store. Basis works is in progress and the challenge is predicted to be accomplished in or across the second half of 2027.
The balanced portfolio growth initiative additionally consists of geographical footprint growth. The Group’s growth challenge in Mainland China is positioned within the Guangxi-ASEAN Financial and Technological Growth Zone, Wuming District, Nanning Metropolis, Guangxi Province, with a gross ground space of roughly 1,435,000 sq. toes. It can develop right into a luxurious residential challenge with a leisure and wholesome way of life theme, comprising high-rise residences and villas, complemented by amenities together with business and a wellness centre. It can goal on the aged, retirees and their households. Superstructure works of the high-rise residences and basement building works for the remaining a part of the positioning are actually underway. The event is predicted to be accomplished in or across the second half of 2026.
The info centre leasing enterprise maintain a gradual growth. The Group at present owns two information centres, iTech Tower 1 and iTech Tower 2. Income from its leasing enterprise elevated by 4.3% 12 months on 12 months to HK$139.0 million. This was primarily on account of rising energy consumption by clients.
Development works of the 2 new information centres in Fanling, the New Territories, particularly iTech Tower 3.1 and iTech Tower 3.2, are progressing properly. For iTech Tower 3.1, set up of {the electrical} and mechanical tools and inner becoming out works are actually underway. This information centre is scheduled for phased supply beginning mid-2025. For iTech Tower 3.2, basis works had accomplished and superstructure works has commenced. This growth is scheduled to be accomplished in or round 2026.
Mr. Chan Hung Ming, Chairman and Govt Director of Grand Ming Group Holdings concluded, “Our profitable enterprise evolution and transformation right into a property growth firm offers us the boldness to handle macro traits and market dynamics in a difficult financial atmosphere. Our balanced working and property portfolio, demand-driven growth pipeline, dedicated administration and steady evolutionary mindset place us properly to climate the present volatility whereas staying the course to drive future progress and worth creation.”
“The financial panorama stays difficult and extremely risky. The geopolitical stress, Sino-US relations and traits of rates of interest pose appreciable uncertainty within the economic system outlook. Regardless of of those uncertainties, we stay steadfast in our technique and cautiously optimistic of the medium and long run prospects of the Hong Kong and Mainland property market. We’ll concentrate on the completion and supply of our growth tasks. Moreover, we are going to carefully monitor the market adjustments and proceed to market the remaining models of ‘The Grand Marine’ and ‘Cristallo’. We additionally relentlessly focus in managing our monetary assets and place, together with money move era from our enterprise operations and the gearing stage, in addition to discover refinancing alternatives that can improve the Group’s monetary place to pursue a long-term sustainable progress and growth. In the meantime, we’ve initiated the preparatory works for the pre-sale of Fanling Luen Fats Road residential challenge, which is scheduled to happen within the second half of 2025.”
“We’re heading in the right direction to grab the alternatives of the period for the emergence and widespread use of AI which supplies rise to an rising demand for information centre with hyperscale amenities. iTech Tower 3.1 and three.2 have been designed to cater for AI workloads and cloud computing. We’re working diligently with the client to make sure supply of the info centre of iTech Tower 3.1 meets their requirement. Apart from, dialogue with potential buyer for leasing iTech Tower 3.2 has commenced. On the identical time, we keep our dedication of delivering dependable providers and assist to our clients of iTech Tower 1 and a pair of, and sustaining and upgrading the mechanical and electrical provisions in these two information centres in order to maintain abreast of the technological traits and adjustments.”
About Grand Ming Group Holdings Restricted (Inventory code: 1271.HK)
The Group is principally engaged within the enterprise of property growth and property leasing, in addition to constructing building. As an area wholesale co-location supplier of high-tier information centres, the Group is without doubt one of the devoted service suppliers in Hong Kong which owns and makes use of your complete constructing for leasing to clients for information centre use. Its clientele consists of multinational information centre operator, telecommunications firm and monetary establishments. The Group owns two high-tier information centre buildings, particularly iTech Tower 1 and iTech Tower 2. It additionally acquired two items of land in Fanling, the New Territories for growing into two high-tier information centres which have been named as iTech Tower 3.1 and three.2. Moreover, the Group’s property growth tasks on the market embrace “The Grand Marine” at No.18 Sai Shan Street, Tsing Yi, “The Grands” at No. 45 Pau Chung Road, To Kwa Wan and “Cristallo” at No. 279 Prince’s Edward Street West. Apart from, property growth in progress features a website positioned at No.1 Luen Fats Road, Fanling and a website positioned at No. 66 Fort Road and No. 57 Kin Wah Road, North Level. In Mainland China the Group owns a bit of land at Guangxi-ASEAN Financial and Technological Growth Zone, Wuming District, Nanning Metropolis, Guangxi Province for growth right into a luxurious residential challenge below the theme of leisure and wholesome way of life.
Media Contacts:
Angel Yeung | Jovian Communications Ltd |E-mail: information@joviancomm.com
Subject: Press launch abstract
Supply: Grand Ming Group Holdings Restricted
Sectors: Actual Property & REIT, Assemble, Engineering
http://www.acnnewswire.com
From the Asia Company Information Community
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Company Information Community.