2013-08-16 08:02:02 -
Dragon Crown Group Holdings Limited ("Dragon Crown" or the "Group") (SEHK code: 935) a leading integrated terminal service provider in the PRC specialising in the storage and handling of liquid chemical products, announced its unaudited interim results announcement for the six months ended 30 June 2013 (The "Period"). The Group recorded excellent results in spite of the unfavorable global economic conditions.
As at 30 June 2013, Dragon Crown recorded revenue of approximately HK$128.8 million (1H2012: HK$130.5 million). Benefited from the decrease in cost of services, including cost of diesel fuel, gross profit rose to HK$81.0 million (1H2012: HK$78.4 million), while gross profit margin reached 62.9% (1H2012: 60.1%). Profit attributable to owners of the Company climbed to HK$53.0 million (2012: HK$46.4
million). Basic earnings per share were HK4.77 cents (1H2012: HK4.18 cents).
The Board has declared an interim dividend of HK2.0 cents per share for the six months period ended 30 June 2013 (1H2012: Nil).
During the Period, the throughput volume of liquid chemical products handled by Dragon Crown via the Nanjing, Tianjin and Ningbo terminals reached 825,250 metric tonnes, 79,250 metric tonnes and 132,608 metric tonnes respectively (1H2012: 889,255 metric tonnes; 29,445 metric tonnes and 141,594 metric tonnes), with combined throughput volume amounting to 1,037,108 metric tonnes for the Period (1H2012:1,060,294 metric tonnes).
Located in the Nanjing Chemical Industry Park, the Group's Nanjing terminal represents the Group's flagship terminal and primary source of revenue and profit, accounting for approximately 94.7% of total revenue during the Period. Also situated in the industrial park is Celanese Corporation (NYSE:CE), a world leading producer of acetyl products and Dragon Crown's major customer, contributed HK$111.4 million (2012: HK$118.6 million) to the Group's revenue, which is equivalent to 86.5% of total revenue in the Period.
During the Period, construction of tanks of Nanjing Terminal Phase III was completed and began operation in June which comprises four tanks with a total capacity of 24,000 m3 and seven tanks with a total capacity of 14,000 m3. The four tanks began generating revenue in June, and will be fully contributing to the Group in the remaining year. Nanjing terminal Phase III will also enable the Group to achieve an annual throughput capacity of approximately 4,400,000 metric tonnes.
The Group reached a construction agreement in the Period, work has commenced on its second cryogenic ethylene tank in the first quarter of 2013, which will be capable of storing deep cooled liquids at -104 C. Requiring specific expertise to construct and maintain, the 20,000 m3 tank is scheduled to be operational by the third quarter of 2014.
Mr Ng Wai Man, Chairman of Dragon Crown, said, "Riding on the upbeat market trend regarding the chemical storage and terminal industry, we will continue to utilize our strong industry know-how and expertise to further enhance our infrastructure to sustain future growth. Apart from strengthening infrastructure, we will continue to explore future opportunities with new business partners while nurturing ties with existing ones."
About Dragon Crown Group Holdings Limited
Founded in 1990, Dragon Crown Group Holdings Limited (HKEX: 935) is one of the leading integrated chemical terminal service providers in China, specializing in the storage and handling of liquid chemical products. It operates 3 terminals in Nanjing, Tianjin and Ningbo respectively. The company offers a comprehensive range of high quality liquid chemical services ranging from the loading and discharging of liquid chemical products at its jetties to the storage of liquid chemical products at its tank farm, as well as the delivery of such products by utilizing its dedicated pipelines and other terminal infrastructure. More information about Dragon Crown can be found at www.dragoncrown.com
Source: Dragon Crown Group Holdings Limited
Contact: Strategic Financial Relations Limited Brenda Chan +(852) 2864 4833 firstname.lastname@example.org
Tiffany Cheung +(852) 2864 4817 email@example.com
Naomi Dryden +(852) 2114 4915 firstname.lastname@example.org
Fax:+(852) 2804 2789 www.sprg.com.hk
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