Chun Wo Development Holdings Limited announces its annual results for the year ended 31 March 2015.
Results Highlights: Revenue increased by 27% to HK$8.32 billion l Net profit rose by approx 10% to HK$102.5 million and met annual growth target of 10% l Net profit margin maintained at around 1.2% l Earnings per share increased 2.8% to HK9.2cents l Awarded nine major construction projects worth a total contract sum of approximately HK$4 billion.
The nine major new contracts won by the Group during the review year were worth a total of approximately HK$4billion. Among these, one of the most significant was the joint-venture contract for building the Boundary Crossing Facilities, Passenger Clearance Building and Public Transport Facilities for the HongKong-Zhuhai-Macao Bridge in Hong Kong. Other major contract successes included the development of Glen eagles Hong Kong Hospital in Aberdeen, new public rental housing blocks in Chai Wan, and the foundation works for the Home Ownership Scheme Development in Ngau Tau Kok.
“Although it has been a year with unexpected challenges especially for the Hong Kong construction industry,we continued to move ahead with a clear forward direction and well-formed growth strategies and achieved steady performance. We expect the arrival of our new shareholders to further enhance our widely-recognized strengths, while lifting our internal governance standards and helping us to achieve even higher levels of efficiency across our operations.” Mr. Dominic Pang,Co-Chairman of Chun Wo.
In Macau, Chun Wo secured a further contract for work in Studio City Macau in Cotai for Melco Crown Entertainment Limited. A number of construction projects remained ongoing during the review year; these included work on the Central-Wan Chai Bypass at North Point, Wan Chai East and the Hong Kong Convention and Exhibition Centre.
Several projects for the MTR Corporation Limited (”MTRC”) continued as well, such as the Guangzhou-Shenzhen-Hong Kong Express Rail Link (Hong Kong Section), the Shatin-Central Link including Kai Tak Station and associated tunnels and the Diamond Hill-Kai Tak Tunnels, together with the Kwun Tong Line Extension including Whampoa Station and overrun tunnel.
The Group successfully completed a number of projects during the review year, including the major Tuen Mun Western Trunk Sewerage project,three residential development projects located in Kuwn Tong, Tsuen Wan and Mid-Level West, there development of Hong Kong Sports Institute and building services for the MTRC’s new Kennedy Town Station