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Yuexiu Transport Infrastructure Announces 2017 Interim Results

Date: 2017-08-22
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Yuexiu Transport Infrastructure Announces 2017 Interim Results

Core Projects Grow Strongly, Profit Increases by 8.7%

Yuexiu Transport Infrastructure Announces 2017 Interim Results

Financial Highlights:

For Six months ended 30 June (RMB’000)

2017

 

2016

 

Change

Income from operations

1,200,125

1,233,888

-2.7%

Profit attributable to shareholders

380,070

349,619

8.7%

Basic earnings per share (RMB)

0.2272

0.2090

8.7%

Interim dividend per share

HKD 0.13

HKD 0.13

0


On 10 August 2017, Yuexiu Transport Infrastructure Limited (“Company”) is pleased to announce the unaudited consolidated results of the Company and its subsidiaries for the six months ended 30 June 2017(“Reporting Period”).

 

During the Reporting Period, the Company’s overall operating results remained stable. On one hand, core subsidiaries of the Company like GNSR Expressway, Suiyuenan Expressway, and Weixu Expressway grew strongly and achieved high double-digit percentage growth in revenue and profit while the profit contribution of associates and joint ventures exceeded 20%. On the other hand, the Company was well managed in terms of costs of services and reduced the financial costs by dynamically adjusting the financial structure. As a result, even if there was a lack of Xian Expressway’s (the Company’s right to operate the Xian Expressway expired on 30 September 2016 and it handed the expressway back to the local government) contribution during the Reporting Period, the income from operations was flat and decreased only 2.7%. Profit attributable to shareholders of the Company increased 8.7% achieving high unit percentage growth.

 

The Board has recommended the payment of an interim dividend of HKD 0.11 per share for the Reporting Period (which is equivalent to RMB 0.11 per share). This will also represent an interim dividend payout ratio of 49.2%. Shareholders have derived good returns from the Company’s development.


Mr. Zhu Chunxiu, Chairman of Yuexiu Transport Infrastructure, said, “The Company upholds and will constantly strengthen the concept of “asset management” and persists with make value creation as an important guidance for business development. The Company has doubled the size of its assets through accelerating the merger with and acquisition of high-quality assets, with the continuous improvement of its profitability. At the same time, the Company has also disposed of non-core projects such as Class 1 highways and the Wuzhou Port in Guangxi and optimized the overall asset portfolio.”


Looking ahead, Transport infrastructure still plays an important role in the process of economic development. The central government has put forward and stressed the need to bring the leading role of transport infrastructure such as expressways into play, and introduced the relevant plan to facilitate and improve the interconnection of transport infrastructure. Against this backdrop, the Company will actively grasp investment opportunities within the industry. With a wealth of investment, operation and management experience, the Company will adhere to its strategic focus and unswervingly develop the principal business of expressways. With respect to regional strategies, the Company will focus on benefiting from major provinces in the central region in terms of population and labor and Guangdong Province proposed by the “New 10-Year (2016-2025) Central Region Rising Plan” and the “Guangdong-Hong Kong-Macau Greater Bay Area” strategy.


Mr. Zhu Chunxiu concluded, “The economic growth under the new normal has stabilized. Given the inherent rigidity of the highway transportation demand, its transportation volume has maintained steady growth. With the gradual upgrading of consumer spending, the rapid development of tourism and logistics industries, and the double-digit growth of the domestic car ownership volume, strong support is provided for the continuous growth of highway transportation volume. the management will continue to review and carry out plans for optimizing the asset portfolio, including considering the strategic disposal of projects with which are consistently below expectation to achieve value realization, and seek merger and acquisition opportunities with value creation as the guidance with a view to maintaining long-term stable development and increasing shareholder value and return on investment.”

 

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