2015 — Page 12

CLUB DELIG

CHAIRMAN'S

STATEMENT

God

IN CODE

I am pleased to present to the shareholders my report on the operations of the Group for the year ended 31 December 2015.

BUSINESS RESULTS

The Group's consolidated profit after taxation for the year ended 31 December 2015 amounted to approximately HK$193 million, a decrease of 81% as compared with the profit after taxation of HK$1,031 million last year. The earnings per share this year were HK$0.54 compared with the earnings per share of HK$2.89 in the previous year.

DIVIDENDS

The Board of Directors has recommended the payment of a final dividend for the year ended 31 December 2015 of HK26 cents per share (2014: final and second special dividends of HK26 cents and HK30 cents per share respectively). Subject to shareholders' approval at the annual general meeting to be held on Monday, 23 May 2016, the final dividend will be paid on or about Monday, 13 June 2016 to shareholders whose names appear on the register of members of the Company on Thursday, 2 June 2016. The final dividend, together with the interim dividend of HK10 cents per share has already paid, will make a total distribution of HK36 cents for the full year.

BUSINESS REVIEW

During the year under review, profit for the Group was mainly derived from the sale of the residential units of Metro6 and Green Code. The decrease in profit is mainly due to the profit derived from the sale of Metro6, a small scale development project completed in the year, is far less than that derived from the sale of Green Code, a large scale development project completed last year.

Property Development and Investment Operations

During 2015, the Group had sold a total of 83 residential units of Metro6 and 19 residential units of Green Code contributing to a total profit of approximately HK$158 million. The unsold residential units of Metro6 and Green Code were 12 and 10 respectively at the year end. The gross rental and other income from the commercial arcades of the Group amounted to approximately HK$78 million.

The two floors of the commercial podium of Green Code have a gross floor area of approximately 136,000 sq. ft.. The leasing status of the commercial podium of Green Code was satisfactory with the committed occupancy rate stood at 79% at the year end.

The shops at the commercial podium of Metro6 were delivered to the tenants in the third quarter of 2015 and the committed tenancy was 97% at the year end. The commercial podium has a gross floor area of approximately 10,000 sq. ft...

The commercial arcades of Shining Heights and The Spectacle were fully let whereas the occupancy rate of the commercial arcades of Metro Harbour Plaza was about 98% at the year end.

In January 2016, the Group has launched the sale of the residential units of Harbour Park (Tung Chau Street project) in phases and the response is satisfactory. The project will provide a total gross floor area of approximately 55,000 sq. ft. and is expected to be completed in 2017.

Hong Kong Ferry (Holdings) Company Limited Annual Report 2015