Man Sang posts 2008/09 first quarter results

25 Aug '08

4 min read

For three months ended June 30, 2008, the Property Segment recorded a total revenue of HK$13.4 million. Sales of properties at the CP&J City amounted to HK$7.5 million with a gross profit margin of approximately 57.3%.

The rental income of Property Segment amounted to HK$5.9 million, of which HK$4.2 million was generated from CP&J City and the balance of HK$1.7 millionwas generated from investment properties in Hong Kong and the PRC.

Although the macroeconomic austerity measures imposed on the property sector by the PRC government has inevitably slowdown the sales and leasing progress of the units in the CP&J City for the three months ended 30 June 2008, we do not believe the introduction of these measures will not significantly affect the overall development potentials of the CP&J City as this project involves the integration of numerous business sectors other than real estate developments, including trading, exhibition, manufacturing and processing, business services and supporting facilities.

Outlook:
Looking forward, Mr. Cheng Chung Hing, Chairman of Man Sang, said, “In spite of the prevailing challenging economic conditions, we will continue to adhere to our prudent policy of tight cost control and pursuance of flexible and diversified marketing strategies with an aim to continue maintaining the Group's profit margin and earnings base for the enhancement of shareholders' value.”

Man Sang International Limited

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