RMB 15.37 Bln in Cash on Hand

The company disclosed its 2008 Semiannual Report on 5 Aug 2008, according to which its gross revenue totaled RMB 17.26 bln and net profit totaled RMB 2.06 bln, respectively representing 55.5% and 23.6% increases YOY. In addition, the company has managed to expand its market share from 1.9% in 1H 2007 to 2.7% in 1H 2008.

Chairman Yu Liang told a reporter that due to the complexity and uncertainty of the macro environment, the period of industrial adjustment will be extended, but that on the other hand, the company had sufficiently prepared for the adjustment with sound financial planning. As of the end of June 2008, its net debt ratio was 37.1%, much lower than the industrial average. In addition, cash held by the company totals RMB 15.37 bln, exceeding the total amount of short- and long-term loans.

Yu also stated that the company will make appropriate adjustments to its 2H 2008 construction plans. It is estimated that in the second half of the year, there will be a construction project with an area of 6,830,000 sq. meters, of which 5,860,000 sq. meters has already been completed.


Source: Shanghai Securities News

Date: 5 Aug 2008

CN01/SS/LZ/BT/MM