GZI Transport Limited ("GZI Transport" or the "Group") [HKSE: 1052] today announced its annual results for the year ended 31 December 2004.
For the year of 2004, the traffic volume of expressway increased because of the robust economic growth of Guangzhou and the whole Pearl River Delta Region, generating favorable revenue for the Group. In 2004, the Group recorded a net profit of HK$276.4 million, grew by 23.5 per cent over 2003. Basic earnings per share was HK$0.248.The Board of Directors is delighted to announce that it has recommended the payment of final dividend of HK$0.0525 per share for 2004.
Share of profits of associated companies in 2004 increased strongly 18.0 per cent to HK$ 215.0 million. As being benefited from the opening of Guanghui Expressway in year end of 2003 and linkage with Jing Zhu Expressway, the traffic and turnover of GNSR Expressway increased tremendously, the profit attributable to the Group tremendously increase 167.4 per cent.
During the period under review, the investment of Guangzhou Western Second Ring Expressway ("GWSR Expressways"), the total investment of which amounted to RMB2.97 billion, of which registered capital will amount to RMB1 billion. The Group’s attributable interest in project is 35 per cent. Construction has officially commenced on 16 th September 2004. It is expected that it will be opened in 2007.
For future strategies and prospects, the Group will focuses on investment in expressway projects in the Pearl River Delta Region, and will selectively invested in premium toll roads and bridge projects in other regions. The Group will proactively consider to investing in Guangming Expressway and the Eastern Second Ring Expressway, and is conducting a preliminary feasibility study on modification of Qinglian Highways into an expressway. It is estimated that the Group’s capital expenditure will amount to about RMB1 billion in the coming three years. The Group has sufficient working capital and bank loans to fund the above projects.
The investment in expressway projects located in the Pearl River Delta Region will underpin future growth potential of revenues from the Group’s toll road investment portfolio and generate long term and stable growth of return to shareholders.
About GZI Transport Limited
The Group’s toll road portfolio is consisted of expressways, bridges and national highways mainly located in Guangdong Province. Northern Ring Road, Guangzhou Northern Second Ring Expressway, Humen Bridge and Shantou Bay Bridge are expressways and bridges located inside Guangdong Province, while Guangshen, Guangshan, Guangcong Section I and II, Guanghua and Qinglian are national highways connecting traffic hub of major cities inside Guangdong Province and inter-provincial traffic between Guangdong, Hunan and Jiangxi Provinces. Xian Expressway and Xiang Jiang Bridge II are located outside Guangdong Province. Currently, except Guangzhou Western Second Ring Expressway is under construction, all of the Group’s toll roads and bridges are operating and generating toll revenue.
For enquires, please contact:
GZI Transport LTD
Grace Li (Tel: 2865 2205 Fax: 2865 2126)
SUMMARY INFORMATION ON OPERATING TOLL ROADS AND BRIDGES IN 2004
|
| Length
(km) | Width
(lanes) | Attributable interest
(per cent) | Road type | Average daily toll traffic volume
(vehicle) | Weighted average toll fare per vehicle
(Rmb) |
|---|
Subsidiaries |
|
|
|
|
|
|
|---|
| Guangshen Highway | 23.1 | 6 | 80.00 | Class I highway | 32,795 | 6.02 |
| Guangshen Highway | 64.0 | 4 | 80.00 | Class II highway | 24,041 | 9.95 |
| Guangshen Highway Section I | 33.3 | 6 | 80.00 | Class I highway | 13,605 | 12.97 |
| Guangshen Highway Section II | 33.1 | 6 | 51.00 | Class I highway | 19,579 | 7.72 |
| & Provinicial Highway 1909 | 33.3 | 4 | 51.00 | Class I highway |
|
|
| Guanghua Highway | 20.0 | 6 | 55.00 | Class I highway | 11,132 | 8.05 |
| Xian Expressway | 20.1 | 4 | 100.00 | Expressway | 22,654 | 11.90 |
| Xiang Jianf Bridge II | 1.8 | 4 | 75.00 | Rapid frame bridge | 4,566 | 8.98 |
Associated Companies and Jointly Controlled Entity |
| Humen Bridge | 15.8 | 6 | 25.00 | Suspension bridge | 39,176 | 42.79 |
| Northern Ring Road | 22.0 | 6 | 24.30 | Expressway | 124,535 | 11.99 |
| Qinglian Highways |
|
|
|
|
|
|
| National Highway 107 | 253.0 | 2 | 23.63 | Class II highway | 19,958 | 18.85 |
| Highway between
Qingyuen and
Lianzhou cities | 215.2 | 4 | 23.63 | Class I highway |
|
|
| Shantou Bay Bridge | 6.5 | 6 | 30.00 | Suspension bridge | 13,288 | 33.47 |
| GNSR Expressway | 42.4 | 6 | 46.00 | Expressway | 30,791 | 18.58 |