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(Stock Code: 2355) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2016The board (the "Board") of directors (the "Directors") of Baoye Group Company Limited* (the "Company") is pleased to announce the reviewed interim results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 June 2016 ("the period") prepared in accordance with the Hong Kong Financial Reporting Standards, together with comparative figures for the corresponding period in 2015. The interim results had been reviewed by the audit committee of the Board and approved by the Board. The following financial information is extracted from the reviewed interim financial information as set out in the Group's 2016 Interim Report.
* For identification purposes only
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT Unaudited Six months ended 30 JuneNote | 2016 RMB'000 | 2015 RMB'000 | |
Revenue | 3 | 10,845,641 | 9,069,237 |
Cost of sales | (10,234,172) | (8,543,561) | |
Gross profit | 611,469 | 525,676 | |
Other income | 45,974 | 83,430 | |
Other gains - net | 6,251 | 5,983 | |
Selling and marketing costs | (35,840) | (34,172) | |
Administrative expenses | (222,000) | (201,800) | |
Operating profit | 405,854 | 379,117 | |
Finance costs Share of loss of joint ventures | - (10,509) | - (7,862) | |
Share of loss of associates | (2,707) | (3,146) | |
Profit before income tax | 392,638 | 368,109 | |
Income tax expense | 4 | (135,392) | (124,338) |
Profit for the period | 257,246 | 243,771 | |
Profit attributable to: - Owners of the Company | 261,025 | 238,285 | |
- Non-controlling interests | (3,779) | 5,486 | |
257,246 | 243,771 | ||
Earnings per share for profit attributable to the owners of the Company - Basic and diluted (expressed in RMB per share) | 5 | 0.43 | 0.38 |
2016 RMB'000 | 2015 RMB'000 | |
Profit for the period | 257,246 | 243,771 |
Other comprehensive income: Items that may be reclassified to profit or loss Transfer of reserves to income statement upon sale of available-for-sale financial assets, net of tax | (8,327) | (1,733) |
Change in fair value of available-for-sale financial assets, net of tax | 7,411 | 3,213 |
Other comprehensive income for the period, net of tax | (916) | 1,480 |
Total comprehensive income for the period | 256,330 | 245,251 |
Total comprehensive income attributable to: - Owners of the Company | 260,109 | 239,765 |
- Non-controlling interests | (3,779) | 5,486 |
256,330 | 245,251 |
Note | Unaudited 30 June 2016 RMB'000 | Audited 31 December 2015 RMB'000 | |
ASSETS Non-current assets Land use rights | 474,383 | 480,752 | |
Property, plant and equipment | 1,296,328 | 1,240,692 | |
Investment properties | 597,079 | 597,079 | |
Goodwill | 16,534 | 16,534 | |
Investments in joint ventures | 50,880 | 50,573 | |
Loan to a joint venture | - | 9,868 | |
Investments in associates | 25,511 | 28,218 | |
Available-for-sale financial assets | 8,486 | 9,707 | |
Deferred income tax assets | 99,178 | 74,538 | |
2,568,379 | 2,507,961 | ||
Current assets Inventories | 132,164 | 131,737 | |
Properties under development | 4,189,328 | 4,625,616 | |
Completed properties held for sale | 2,442,038 | 2,390,148 | |
Due from customers on construction contracts | 2,748,165 | 3,127,617 | |
Trade receivables | 6 | 2,494,774 | 1,423,938 |
Other receivables and prepayments | 2,266,859 | 1,710,932 | |
Loans to associates | 56,171 | 51,146 | |
Available-for-sale financial assets | 797,400 | 624,310 | |
Restricted bank deposits Term deposits with initial term of over three months | 176,537 27,810 | 188,009 45,419 | |
Cash and cash equivalents | 3,130,259 | 3,170,058 | |
18,461,505 | 17,488,930 | ||
Total assets | 21,029,884 | 19,996,891 |