Tianjin Development posts first half profit at HK$219mn

The group continues to consolidate assets as it seizes opportunities from the development of Tianjin City.

Tianjin Development Holdings Limited (“Tianjin Development”) on Friday announced its unaudited interim results for the six months ended 30 June 2011. During the period, the Group’s revenue from continuing operations increased by 4% to approximately HK$1,704 million; profit attributable to owners of the Company was approximately HK$219 million; and basic earnings per share were HK20.53 cents. The Board did not recommend payment of an interim dividend. As at 30 June 2011, the Group had cash on hand of approximately HK$2,978 million, which indicated a very healthy financial position. 

Mr. Yu Rumin, Chairman of Tianjin Development, said, “In the first half of 2011, GDP growth of Tianjin City picked up, and this favorable economic environment provided the Group with advantageous conditions for business restructuring. During the period, the Group continued to consolidate its assets, and started the divestment of Tangjin Expressway, enabling an even allocation of resources. With the implementation of the Twelfth Five Year Plan, we will seize available investment opportunities that promote expansion of our core businesses and further optimization of the Group’s business structure.”

According to a Tianjin Development report, the Group operates three segments of businesses, namely utilities, hotels, as well as strategic and other investments.

Mr. Yu added, “The global economy in the second half year will still be shrouded in uncertainty, largely due to the debt crisis in the Euro zone and the U.S., and risk of high inflation. All of these challenges will have to be faced. Nevertheless, with the Central Government’s monetary policy aimed at containing inflation in place, China’s overall economy is expected to maintain stable growth. As one of the key development areas of China, we believe that Tianjin City will enjoy promising prospects, which will translate to excellent opportunities for the Group to undergo further reorganization. The Group will carry out various projects in an orderly manner, capitalizing on its strong financial position while also preparing for the challenges and opportunities ahead. In this way, we will lay a solid foundation for the Group’s long-term development.”