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Yuexiu Transport Infrastructure announce 2011 interim results

Date: 2011-08-28
View Count: 35

 Yuexiu Transport Infrastructure (“Yuexiu Transport Infrastructure” or the “Company”) (Stock Code: 1052) announced today the interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2011 (“the Reporting Period”).

 

The Group’s revenue for the first half of 2011 amounted to RMB 623 million, representing an increase of 9.1 percent over the same period in 2010. Profit attributable to equity holders of the Company reached RMB 254 million, 6.86% higher than the first half of 2010. Basic earnings per share for the Reporting Period was RMB 0.1521. The Board has recommended the payment of an interim dividend for 2011 of HK$0.10 per share, which is equivalent to approximately RMB0.08252 per share

 

Commenting on the satisfactory interim results, Mr. Zhang Zhaoxing, Chairman of Yuexiu Transport Infrastructure said, “Most of the projects of the Group have recorded revenue growth in the vicinity of expectation during the first half this year. The Group has been continuously promoting investment expansion and structural adjustment in recent years, which brought significant changes in the structures of revenues and profits. Cangyu Expressway, Xian Expressway and Hanxiao Expressway all recorded an increase of more than 50 percent in revenues, and becoming the driving forces of the Company’s growth. Meanwhile, our subsidiaries have contributed more than 70 percent of the Company’s profit.”

 

In the first half of this year, the Group acquired a 51 percent equity interest of Guangxi Wuzhou Port Chishui Terminal and the remaining 10 percent equity interest of Cangyu Expressway. The acquisition of these two projects, situated in the western region of the PRC with significant economic development potential, was in line with the Group’s regional expansion strategy. Wuzhou Port Chishui Terminal is the first inland terminal project acquired by the Group. As the Group’s first successful attempt to foray into the transport infrastructure industry without limitation of operating period, the project would further optimize the asset portfolio of the Group. Meanwhile, the relevant approval for the transfer of equity interest in Changzhu Expressway has been granted and the Group has successfully obtained the business license for the new company and taken it over smoothly. It is included in the operating projects of the Group being analyzed from July.

 

Mr. Zhang said, “During the Reporting Period, the Group made significant progress in acquisitions. The acquisitions of equity interest in Guangxi Wuzhou Port Chishui Terminal and Cangyu Expressway made the two projects our new subsidiaries. So far, the Company has seven subsidiaries spanning two sectors and covering six provinces (autonomous regions and municipalities). The national and diversified development pattern has taken shape, symbolizing the great improvement of corporate governance and management.”

 

Mr. Zhang concluded, “the Group will further its efforts in identifying projects which offer satisfactory returns and prospects in our target areas and make timely investments. At the same time, we will continue to improve asset optimization and utilization. It is also our priority to boost return on assets and enhance our standardized operational and management capability so as to increase the Group’s overall profitability.”

 

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