CSCI Announced its 2019 Interim Results

2019.08.23


(23 August 2019) China State Construction International Holdings Limited (“CSCI” or “The Group”, Stock Code: 03311) announced its 2019 interim results today. For the six months ended 30 June 2019, the revenue was HK$27.543 million, representing an increase of 1.6% as compared with the same period of last year. The Group’s profit attributable to owners of the company was HK$2,862 million, up by 13.5% compared to the last period. The Board declared the payment of an interim dividend of HK16.00 cents per share

Since the beginning of 2019, the global economic has experienced a tortuous development with a risk of resurgence of crisis. In the first half of 2019, the growth of major economies has slowed down almost simultaneously. Central banks have been adjusting their monetary policy directions. The increasing volatility in currency liquidity and capital market, together with trade frictions among major economies, has once again cast a shadow over the recovery of global economy and trade. Facing the complex and ever-changing external environment, the Group adheres to the corporate culture of "fighters" and the "customer-oriented" service tenet. While maintaining a steady growth in business performance, we also work hard on adjusting business structure and implementing strategic transformation with a proactive, pioneering and innovative attitude.

In the second half of 2019, sticking to the general principle of steady progress and the new concept of development, the Group will make an overall planning in accordance with the requirements of high-quality development, promoting stable growth, structural adjustment, reform and innovation, and risk prevention.

The Group will continue to maintain the leading scale of business in Hong Kong and Macau’s construction market. In Hong Kong, we will actively bid for large-scale government projects and expand private projects such as private residential development and commercial buildings. In Macau, we will continue to follow up with large-scale government projects and bid for gaming projects to maintain the market share in large-scale construction market and will continue to focus on investment-driven contracting projects and explore opportunities in the reconstruction of old buildings. With the existing advantages of Hong Kong and Macau, we will seize market opportunities to engage in the construction of Guangdong-Hong Kong-Macao Greater Bay Area.

For the projects in hand, the Group will ensure timely high-quality deliverables to owners and strengthen our good reputation. With emphasis on technological innovation, we will continue to follow up with the Modular Integrated Construction (MIC) technology promoted by the Hong Kong government and gradually upgrade the Company’s site information management capabilities to a higher level.

For our investment business in Mainland China, based on the principle of “achieving large contract with small investment”, the Group will further promote business transformation, increase investment in government targeted repurchase projects, and actively develop innovative projects. We will implement compliant construction plan and strengthen the construction of contract system. Meanwhile, our investment evaluation system will be standardized to improve investment expansion and evaluation efficiency. The Group will accelerate the deepening and improvement of the operation management system, strengthen the standardized management of projects, improve self-circulation and self-balance of funds, and allocate funds according to the Company's strategic plan to ensure implementation of business plans. We will reasonably arrange the financing scale of various industrial chains to ease the pressure on funds and steadily promote innovative financing. In the implementation of the projects, we will focus on works such as quality and schedule management, investment management and control, and fund recovery.

In respect of curtain wall business in Hong Kong and Macau, China State Construction Development (830.HK) will continue to expand markets with its good market reputation, brand influence, as well as quality and price advantages. For curtain wall business in Mainland China, taking “efficiency first, moderate scale” as development strategy, the Group will focus on quality owners and strengthen internal resource coordination to jointly develop high-end projects. We will also review the integrated development management system in North America, and focus on specific projects with large scale, good reputation and capability of the owners to better centralize resources and create benefits. Policy study and market research will be strengthened for innovative business to promptly find the development direction. Suitable organizational structure and talent team will be set up to achieve business breakthroughs, bringing general transformation and upgrading of the Company’s business.

While cultivating the existing market, the Group will also actively respond to the Belt and Road Initiative, and study the businesses in the United Kingdom, North America and Portugal in a steady and orderly manner. With the advantages of talents, experience and language in Hong Kong and Macau markets, we will further research on local policies and regulations, focusing on talent nurturing and localized management. The Group will carry out overseas business in accordance with the standard of “high turnover, light assets, controllable risks, moderate revenue”, and strengthen coordination with other companies within China State Construction in striving to contribute to the performance of the Group.