China Overseas Land & Investment's Operating Profits up 176 pct

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Last updated at: (Beijing Time) Friday, April 04, 2003

China Overseas Land & Investment's Operating Profits up 176 pct

Operating profits of China Overseas Land & Investment in 2002 rose over 176 percent to 590 million Hong Kong dollars (75.6 million US dollars), the company announced Thursday.

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Operating profits of China Overseas Land & Investment in 2002 rose over 176 percent to 590 million Hong Kong dollars (75.6 million US dollars), the company announced Thursday.

Market turnover of the company slightly reduced to 6.4 billion Hong Kong dollars (0.82 billion US dollars), with Chinese mainlandproperty business making up about 44 percent and construction business making up 45 percent of the turnover.

It's expected that the company's business in the next few yearswill continue to be carried out on the Chinese mainland and Hong Kong. Property development in the Chinese mainland, construction in Hong Kong and industrial investment in the mainland will serve as three core businesses of the company.

The company said it would take the sustained enhancement of shareholders' value as its major corporate goal. In 2003, by way of integrating internal and external resources and strengthening of its management capability, the company plans to improve the consolidated strength and competitiveness of various business segments, so as to ultimately achieve over 10 percent return on the shareholders' fund.

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