Trading Statement in respect of the Quarter Ended - Hsin Chong

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Trading Statement in respect of the Quarter Ended - Hsin Chong Powered By Docstoc
					                                                                TRADING STATEMENT
                                              in respect of the quarter ended 31st December, 2003
CONSTRUCTION CONTRACTS
Hsin Chong Construction Group Ltd. (the “Company”, together with its subsidiaries, associates and joint venture, the “Group”) received contracts valued
at HK$373.5 million during the quarter, of which HK$102.3 million was attributable to the building construction arm. Major contracts included the main
contract for the superstructure works of Wen Chang Court Phase 1, Guangzhou, a property development project in the PRC in which the Group has an
effective interest of 42% and the Proposed Composite Development at No. 52 Hollywood Road and Graham Street awarded by the private sector.
Reduced nominated subcontractor works and prime cost sum adjustments led to an overall HK$40.3 million reversal in the total value of building
construction and civil engineering contracts received.
During the quarter, the electrical and mechanical installation associates of the Group received subcontracts valued at HK$46.0 million, mainly for
electrical, mechanical ventilation and air-conditioning (MVAC) installation for the New Campus Development at Lingnan University and the electrical
and mechanical installation of SkyPlaza Advanced Works at Hong Kong International Airport.
Leighton — Hsin Chong Joint Venture, in which the Group has a 50% interest, received a civil engineering contract (inclusive of the electrical and
mechanical installation subcontract portion) for Contract P352 - SkyPlaza Advanced Works from the Hong Kong Airport Authority, valued at HK$221.1
million.
Construction contracts with aggregate contract sum of HK$1,196.3 million were completed during the quarter. The majority came from the building
construction arm which completed contracts including the Tseung Kwan O Area 73A Phase 4 from the Hong Kong Housing Authority and contracts from
the private sector namely Cambridge House at 981 King’s Road, Quarry Bay, Proposed Residential Development at 117 Repulse Bay Road and Alteration
and Addition Works at Caroline Centre, 2-38 Yun Ping Road, Causeway Bay, valued at totalling HK$1,190.3 million. Other works completed included
HK$2.5 million contracts from the civil engineering segment of the subsidiaries and HK$3.5 million contracts from the electrical and mechanical
installation associates. Overall, outstanding contracts for the Group decreased by 13.7% to HK$6,097.6 million as of the end of the quarter.
All figures listed below are preliminary and unaudited and are compiled based on the best knowledge and information available at the date of this
announcement.
                                                                       Contracts                                                                                Contracts
                                                                    Outstanding                                                                              Outstanding
                                                                As of 30/09/2003                       Received                      Completed           As of 31/12/2003
                                                                   (HK$ million)                    (HK$ million)                  (HK$ million)            (HK$ million)
Subsidiaries
Building Construction
  Hong Kong SAR                                                             3,871.7                            (9.2 )                    (1,190.3 )                2,672.2
  Mainland China                                                              734.4                           (33.6 )                          —                     700.8
Civil Engineering
  Hong Kong SAR                                                                461.9                             2.5                            (2.5 )                461.9
  Mainland China                                                                 1.8                              —                               —                     1.8
                                                                             5,069.8                           (40.3 )                    (1,192.8 )                3,836.7
                                                                     -----------------              -----------------              -----------------        -----------------
Associates and Joint Venture*
Electrical and Mechanical Installation                                        513.9                            46.0                             (3.5 )               556.4
Civil Engineering                                                           1,483.4                           221.1                               —                1,704.5
                                                                             1,997.3                          267.1                            (3.5 )               2,260.9
                                                                     -----------------              -----------------              -----------------        -----------------
Total                                                                        7,067.1                          226.8                       (1,196.3 )                6,097.6

*   The amounts derived from the associates and joint venture represent gross figures and do not reflect your Group’s net attributable share.
CONSTRUCTION RELATED PROPERTY DEVELOPMENT AND INVESTMENT
Rental Property
No. 3 Lockhart Road was substantially let with no significant lease expiry in the near term. New lease rates are in line with the market.
Hotel Operation
Novotel Century Harbourview’s occupancy rate for the quarter was 93%, about 5 percentage points higher than that for the same quarter last year.
Average room rate has also improved by 7%.
Property Development
During the quarter, sale of Jade House at 18A La Salle Road, Kowloon Tong was completed, leaving one house to be sold.
Note: These trading statements will no longer be published in future. Investors and interested parties are encouraged to visit the Company’s website for information about the
      Company’s performance and development.
Hong Kong SAR, 31st January, 2004
Website: http://www.hsinchong.com
Please also refer to the published version of this announcement in The Standard and
Hong Kong Economic Times.

				
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posted:5/16/2010
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