DGAP-News: EURO ASIA Reports on the First Half of 2012
(firmenpresse) - DGAP-News: Euro Asia Premier Real Estate Company Ltd. / Key word(s):
Half Year Results
EURO ASIA Reports on the First Half of 2012
10.12.2012 / 07:08
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EURO ASIA Reports on the First Half of 2012
- Phase I of Machinery Market project completely sold
Weifang (People's Republic of China), 10 December 2012
Euro Asia Premier Real Estate Company Limited (JT9; ISIN: VGG3223A1057)
today announces its unaudited financial results for the 6 months period
ended June 30th, 2012.
Financial Highlights
- Revenues for the 6 month period under review were RMB¥4.62 million
(approx. EUR 0.58 m*), as compared to RMB¥11 million (EUR 1.4
million) for the first six months of 2011. Revenues were generated
through the sale of phase I of the China Agricultural Machinery
Marketing Centre project.
- Construction costs for the Machinery Market project during the period
amounted to RMB¥3.72 million (EUR 0.46 million).
- Earnings (loss) before interest, taxes, depreciation and amortization
(EBITDA) for the six months under review were RMB¥- 830,000 (EUR -
104,000). For the first six months of 2011 the company recorded a
positive EBITDA of RMB¥9.5 million (EUR 1.19 million).
Update of Operations
Patrick P.L. Chan, CEO of Euro Asia, stated, 'In the year 2012 our main
focus is on finalizing the construction of phase I of the China
Agricultural Machinery Marketing Centre. In the first half of the year, we
have reached a pre-sales ratio of 96 % for the project, which comprises a
total of 4,810 m2, resulting in RMB¥4.62 million (EUR 0.58 m) in
prepayments. For the remainder of the year, we do not expect any further
revenues, as our other projects have not yet reached the pre-sales stage.
The decrease in revenues and earnings compared to the same period last year
is explained by the fact that we sold all our rent generating properties.
Rental income for the first half of 2011 was RMB¥6 million (EUR 666.000).
As construction of phase I for the China Agricultural Machinery Marketing
Centre nears completion, the Company is already preparing for Phase II
construction, which is scheduled to commence in December. On an area of
67,000 m2 we will build 24 units with a total GFA of 90,000 m2. We expect
to achieve a sales price of RMB¥6,000/m2 (EUR 649/m2). The second phase
of the project is scheduled for completion in the first half of 2014.
Meanwhile, the Company has reached preliminary approvals to acquire an area
of 99,000 m2 in the Jiulongjiang Country Park, intended for the
construction of Chang Qing International Health City. The necessary permit
process is underway and the Company is waiting to receive approvals.'
* RMB¥1 = EUR 0.12
About Euro Asia
Euro Asia is a BVI registered company, active in real estate development in
the Shandong area of the People's Republic of China. The Company operates
locally through its subsidiaries, jointly owned with SNI, a leading local
development company. Generating leasing revenues from a number of
commercial properties, the Company has a number of other projects under
development. By utilizing its strong local network to banks, political
decision makers, land owners and other developers, the Company intends to
grow its position in the region prior to moving into otherprefecture-level
cities.
Contact:
Schwarz Financial Communication
Frank Schwarz
Tel: +49 611 1745 398 11
Schwarz(at)schwarzfinancial.com
End of Corporate News
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Language: English
Company: Euro Asia Premier Real Estate Company Ltd.
Nerine Chambers, P.O. Box 905
Road Town Tortola
Virgin Islands (British)
Internet: www.eu-asia.net
ISIN: VGG3223A1057
WKN: A0YGJM
Listed: Freiverkehr in Berlin, Düsseldorf, München, Stuttgart;
Open Market (Entry Standard) in Frankfurt
End of News DGAP News-Service
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196401 10.12.2012
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Datum: 10.12.2012 - 07:08 Uhr
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News-ID 210898
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