DGAP-News: Madison Property AG: results H1 2010/2011
(firmenpresse) - DGAP-News: Madison Property AG / Key word(s): Half Year Results
Madison Property AG: results H1 2010/2011
31.01.2011 / 19:25
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* Net margin of 15.0% within reporting period compared to 3.3% in previous
year's period
* More than 80% of pre-sales targets for the full financial year already
achieved
* Cash and cash equivalents rise from EUR 5.6 million to EUR 24.0 million
Berlin/Frankfurt, 31 January 2011 - Chinese property developer Madison
Property AG (ISIN DE000A0V9KR3 / WKN A0V9KR / Ticker MPD) today announced
its results for the first half of the financial year. Madison realised
sales of EUR 8 million with an average gross profit ratio of 45.4%. The net
profit ratio in the first half of the financial year amounted to 15.0%.
Cash and cash equivalents summed up to EUR 24.0 million as of 31 October
2010. The results were fully in line with the company's expectations.
Sales derived from the delivery of the Garden State Phase II project and
the Sandalwood Bay project, which therefore were included in income. In the
previous year's period, sales had amounted to EUR 23 million due to the
delivery of the Yangguang Coast project with a volume of EUR 20 million
alone. In contrast, the net profit ratio for this period had been
significantly lower at 3.3% compared to the results achieved now.
In respect to pre-sales of projects currently under construction, Madison
already fulfilled more than 80% of its own targets for the whole financial
year. Across several projects that are planned to be completed within the
current financial year, residential units equivalent to around EUR 54
million have been pre-sold. Additionally, Madison received reservations for
a further EUR 1.8 million.
'The fluctuations in sales and margins derive from the cyclicality of the
real estate development business, as projects are only recognised in profit
or loss after their final completion and delivery. The results of the first
half of our financial year together with our pre-sales performance are
right on track', says Qingtong Tian, CEO and founder of Madison Property.
You can find the complete report at:
http://www.madison-property.com/en/investor-relations/publications/financi
al-reports.html
About Madison Property AG
Madison Property AG is a German stock corporation under the laws of Germany
with its legal seat in Berlin. It is the holding company of Madison
Property Group Limited which operates as a large scale property developer
with its local subsidiaries in China, mainly in the Shandong Province and
the municipality of Chongqing. Founded in 1998, Madison already completed
and successfully sold 14 projects/project phases. It is focused mainly on
residential properties with high quality and travel as well as leisure
properties. Madison is recognised as a Class I property developer by the
People's Republic of China Ministry of Housing and Urban-Rural Development
and can therefore undertake projects nationwide without limitation on the
construction scale.
For further information please contact:
Kirchhoff Consult AG
Dr. Kay Baden
T: +49 40 60 91 86 34
F: +49 40 60 91 86 60
E-Mail: baden(at)kirchhoff.de
or visit www.madisonproperty.de
Disclaimer
This publication constitutes neither an offer to sell nor a solicitation to
buy securities of Madison Property AG.
This document is not an offer of securities for sale or a solicitation of
an offer to purchase securities in the United States. The shares of Madison
Property AG (the 'Shares') have not been registered under the U.S.
Securities Act of 1933, as amended (the 'Securities Act') and may not be
offered or sold in the United States unless registered under the Securities
Act or pursuant to an exemption from such registration. There will be no
public offering of the Shares in the United States and the Shares will not
be registered under the Securities Act.
This document is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii)
high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as 'relevant persons'). The Shares are
only available to, and any invitation, offer or agreement to subscribe,
purchase or otherwise acquire such securities will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or
rely on this document or any of its contents.
End of Corporate News
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110612 31.01.2011
Datum: 31.01.2011 - 19:25 Uhr
Sprache: Deutsch
News-ID 33098
Anzahl Zeichen: 0
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Kategorie:
Business News
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"DGAP-News: Madison Property AG: results H1 2010/2011"
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