PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED
Interim financial highlights
(Figures for the corresponding period in 2013 are shown in brackets) Consolidated turnover - HK$224 million (HK$499 million)
Consolidated operating profit - HK$558 million (HK$216 million) Consolidated net profit - HK$135 million (HK$31 million)
Basic earnings per share - 8.52 HK cents per share (1.94 HK cents per share) No interim dividend (Nil)
Pacific Century Premium Developments Limited ("PCPD", SEHK: 00432), a majority-owned subsidiary of PCCW Limited (SEHK: 00008), today announced its interim results for the six months ended June 30, 2014.
The consolidated turnover of PCPD and its subsidiaries (collectively the "Group") amounted to approximately HK$224 million, as compared to HK$499 million during the corresponding period of 2013.
The Group's consolidated net profit amounted to approximately HK$135 million, as compared to HK$31 million in the corresponding period of 2013. Basic earnings per share were 8.52 HK cents as compared to 1.94 HK cents in the corresponding period of 2013.
The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2014.
On April 8, 2014, the Group announced that it had entered into an agreement to sell its entire interests in Pacific Century Place, Beijing (PCP Beijing) to an independent third party. The transaction was approved by PCCW and PCPD shareholders on May 8, 2014 and May 9,
2014 respectively.
PCPD's Deputy Chairman and Chief Executive Officer, Mr Robert Lee, said that the first six months of the year saw a major milestone in PCPD's corporate development since its establishment. The realization of PCP Beijing effectively enhances the Group's financial flexibility as the Group now has more resources to engage in other lucrative business opportunities. This should benefit its sustained long-term growth and profitability.
Mr. Lee continued: "The Group's major project in Jakarta, Indonesia continues to make encouraging progress. In March 2014, the development had achieved the coveted LEED Platinum Grade Pre-certification awarded by US Green Building Council (USGBC), the first of its type in Indonesia. "
"Upon completion, the building will feature a club floor, VIP dining rooms and car parks. A renowned international banking group has indicated its intention to act as anchor tenant by renting multiple office floors in the building," he added.
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About PCPD
Majority-owned by PCCW Limited ("PCCW", SEHK: 00008), Pacific Century Premium Developments Limited ("PCPD" or the "Group", SEHK: 00432) is mainly engaged in developing and managing premium property and infrastructure projects, as well as investing in premium-grade buildings in the Asia-Pacific region.
For media inquiries, please call
Alfred Siu
Corporate Communications
Tel: (852) 2514 3914
Email: alfred.wt.siu@pcpd.com
For investor inquiries, please call
Keith Wat
Investor Relations
Tel: (852) 2514 3920
Email: ir@pcpd.com
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