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China State Construction International Holdings Limited Announced its 2016 Annual Results

2017-03-21

(21 March 2017) China State Construction International Holdings Limited (“CSCI” or “The Group”, Stock Code: 03311) announced its 2016 annual results today. For the year ended 31 December 2016, the Group’s audited profit attributable to the owners of the Group was HK$5,130 million, representing an increase of 13.4% as compared to last year. The revenue was HK$46.21 billion, representing an increase of 21.6% as compared with the same period of last year. With a proposed final dividend per share of HK18.00 cents, an interim dividend per share of HK15.00 cents per share paid in the year, the total dividends for the year amount to HK33.00 cents per share, representing an increase of 6.5% as compared to last year.


In 2016, the global economic recovery was sluggish and unbalanced against a backdrop of increasing uncertainties, such as financial and political turmoil. The economic development of the US was rather buoyant and entered into the rate hike cycle while the Eurozone was dragged down by the high unemployment rate and huge debts. China embraced the new normal of economic trends through continuous optimisation of its economic structure. During the year, the Group adopted an operating strategy of “prudent and innovative operation to expand its markets and manage its brand”. In the face of complicated market environment, the Group pursued its “Dual Core Driving Strategy of Construction Contracting and Infrastructure Investment”, so as to consolidate its business scale and brand advantages in construction industry in Hong Kong and Macau. By grasping opportunities brought by the increasing number of Public-Private-Partnership (“PPP”) projects in China, the Group was able to capitalise on its competitive strengths to innovate its development model, strengthen its brand management and enhance its project integrated control.


For 2017, the complicated and ever-changing market environment will become the new trend of global political and economic development while the long-term positive economic fundamentals of China will remain unchanged. China continues to boast huge potential for industrialisation and urbanisation. The Group will precisely capture the trend of macro economy and industrial market and adjust the operation strategy in a timely manner to confront the external changes in operation environment.


The construction market in Hong Kong will remain challenging due to the macro political and economic environment while the gaming industry in Macau will remain stable which will favour the development of the construction and real estate sectors. Following the completion of the large-scale infrastructure projects in Hong Kong and the large-scale hotel projects in Macau, the shortage of industry resources will be gradually mitigated. Contractors will become aggressive in tender which will intensify the competition in the construction markets in both Hong Kong and Macau. Economy in Mainland China will continue to strive for a positive momentum in a stable manner. With the support of national policies, the infrastructure investment market will develop rapidly, particularly in emerging sectors including utility tunnels, sponge cities and featured small towns. The PPP market will experience benign development as it continues to expand and becomes standardised, resulting in more opportunities for market investment.


Far East Global (“FEG”, 830.HK) will steadily promote its internationalisation. While consolidating the traditional markets including Hong Kong, Macau and North America, it will proactively develop markets in Australia and the United Kingdom. In response to the changes of market environment, it will adjust the tendering strategy to secure the competitive projects while striving for breakthrough in its major projects and exploring pricing potential.

 

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