Gelonghui, April 22丨China Overseas Hongyang Group (00081.HK) announced that for the three months ending March 31, 2024, the group's revenue was approximately RMB 7.499 billion, down 17.5% from the same period last year, while operating profit for the quarter was approximately RMB 776 million, down 37.1% from the same period last year.
In the first quarter of 2024, the Group and its associated companies and joint ventures (collectively referred to as “CNOOC Hongyang Group Companies”) recorded contract sales of approximately RMB 7.917 billion, involving a sales area of approximately 711,400 square meters, down 41.4% and 38.4% respectively from the same period last year. Furthermore, as of March 31, 2024, the total amount of sales contracts to be signed was approximately RMB 879 million, covering an area of approximately 67,100 square meters.
During this season, the Group purchased a new plot of land in Yinchuan. It should occupy an equity floor area of about 87,700 square meters, and the equity land price to be paid is approximately RMB 220 million. As of March 31, 2024, CNOOC Hongyang Group held land reserves with a total floor area of about 17,888,800 square meters (including a floor area of about 14,743,500 square meters owned by associated companies and joint ventures).
The Group maintains professional and sound financial management of financial resources, and will continue to pay close attention to the impact of peripheral economic conditions, RMB exchange rate fluctuations, industry mergers and acquisitions opportunities and national policy changes on business operations to bring the best long-term returns to shareholders.