Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED

*

(Incorporated in Bermuda with limited liability)

(Stock Code: 00432) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2016

The board of directors ("Board") of Pacific Century Premium Developments Limited ("Company") announces the audited consolidated results of the Company and its subsidiaries ("Group") for the year ended December 31, 2016.

SUMMARY

  • Consolidated revenue increased by 5 per cent to approximately HK$174 million

  • Consolidated operating loss increased by 28 per cent to approximately HK$357 million

  • Loss attributable to equity holders of the Company amounted to approximately HK$364 million

  • Basic loss per share: 22.96 Hong Kong cents

  • The Board did not recommend the payment of a final dividend

REVIEW OF OPERATIONS Property investment and development Property investment in Indonesia

The Group's investment located at Sudirman CBD of Jakarta Indonesia, was topped out on July 31, 2016. The interior works, building services and façade installation are proceeding according to schedule and expect completion in the second quarter of 2017.

PT Prima Bangun Investama, the Group's development arm of the project in Indonesia, was awarded the "Special Recognition in Sustainable Development" in recognition of the contribution to the sustainable development whereas the 40-storey Premium Grade A landmark office building was awarded the "Highly Commended Best Office Architectural Design", both by Indonesia Property Award 2016. The environmentally friendly features and sustainability concept of the building are well-conceived.

In addition to Citibank Indonesia, Sotheby's Hong Kong Limited and FWD, the NorthStar Group has agreed to relocate its office to the building. To date, approximately 20% of the office floor space has been secured by tenants. Some multinational corporations have also expressed interests in moving their regional headquarters or Indonesia representative offices to the building.

Property development in Japan

As reported in November 2015, the detailed designs of the Park Hyatt hotel and residences at Hanazono in Niseko, Hokkaido, Japan, are being worked on as scheduled and the Group expects to unveil the hotel in late 2019 and anticipates launching the residential portion for pre-sale in the first quarter of 2017.

The Park Hyatt hotel and residences will comprise with a selection of specialty restaurants, extensive meeting space, a golf clubhouse, a ski shop and valet, a destination spa, a fitness centre and a swimming pool.

With strong support of the local government and community, the Group is determined to bring the Park Hyatt hotel and residences to Niseko, one of the top Asia's ski resort destinations.

Property development in Thailand

The preparation of the project in Phang-nga, southern Thailand is continuing as planned. PCPD is in early discussion with a local developer of the first phase of the project.

Recreation and leisure All-season recreational activities in Japan

The Group's all-season recreational operation is located in Niseko, Hokkaido, Japan, which is one of the premium ski destinations in the world. Various facilities and recreational activities, including ski lift, ski equipment rental, ski school and snowmobile tours in winter and rafting tours and golfing in summer, are operated by the Group.

The Group's revenue from its all-season recreational activities amounted to approximately HK$92 million for the year ended December 31, 2016, as compared to approximately HK$78 million in 2015.

Property management related services Property management and facilities management in Hong Kong

The Group provides exceptional property management and facilities management services to its clients in Hong Kong and generated revenue of approximately HK$47 million for the year ended December 31, 2016, as compared to approximately HK$51 million in 2015.

Other businesses

Other businesses of the Group mainly include property management in Japan, property investment in Hong Kong and asset management in Mainland China. The revenue from these other businesses amounted to approximately HK$35 million for the year ended December 31, 2016, as compared to approximately HK$36 million in 2015.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended

December 31,

HK$ million Note

2016 2015

Revenue 2

174 165

Cost of sales

(56) (54)

Gross profit

118 111

General and administrative expenses

(418) (389)

Other income

- 1

Other losses, net

(57) (3)

Operating loss

(357) (280)

Interest income

11 12

Loss before taxation 4

(346) (268)

Income tax 5

(18) (5)

Loss attributable to equity holders of the Company

from continuing operations

(364) (273)

Profit attributable to equity holders of the Company

from discontinued operation due to disposal of subsidiaries

in 2014 12 - 192

Loss attributable to equity holders of the Company (364) (81)

PCPD - Pacific Century Premium Developments Ltd. published this content on 16 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 January 2017 09:50:08 UTC.

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