方兴地产 2009 中期报告(17)

4. FINANCIAL REvIEW (Continued)Revenue (Continued)In the first half of 2009, property sales revenue of the Group was approximately HK$1,270.2 million, representing 50% of the total revenue, which was mainly derived from sales of certain units on Site B of the Shanghai Port International Cruise Terminal Project. Revenue from property leasing increased by 19% over the corresponding period of 2008, which was mainly attributable to the growth of leasing business of Beijing Chemsunny World Trade Centre. Revenue from hotel operations rose by 19% over the corresponding period of 2008, which was mainly attributable to the growth of

revenue from newly opened hotels in 2008 and early 2009.

Cost of sales and gross profit margin Cost of sales of the Group for the six months ended 30 June 2009 was HK$1,327.9 million (six months ended 30 June 2008: HK$615.7 million (restated)). Overall gross profit margin of the Group in the first half of 2009 was 48%, down from 65% of the corresponding period of 2008, which was mainly attributable to the decrease in gross profit margin of property sales segment and hotel operations segment for the period as compared with the same period of last year.During the period, gross profit margin of property sales segment decreased as compared with the same period of last year, mainly due to the fact that the sales of certain units on Site B of the Shanghai Port International Cruise Terminal Project, which were pre-sold at earlier stages at lower unit prices than the average price of the whole project, were recognised as income by the Group. In contrast, the properties sold in the property sales segment in the same period of

last year were certain units of the Eastern Tower of Beijing Chemsunny World Trade Centre Project, selling prices of which were comparably higher.

During the period, occupancy rate and rental level of property leasing segment remained stable as compared with the same period of last year, and gross profit margin remained at a high level. Affected by overall weakness in hotel industry due to unfavourable external environment, both the average room rate and the occupancy rate of most hotels of the Group recorded decreases to some certain extent as compared with the same period of last year, resulting in a decrease

in gross profit margin of hotel operations segment for the period as compared with the same period of last year.

Other income and gains Other income and gains of the Group for the six months ended 30 June 2009 amounted to HK$202.1 million, representing a decrease of 84% from HK$1,275.1 million in the same period in 2008, which was mainly attributable to the significant decrease in fair value gains on the investment properties held by the Group as compared with the same period of last year.

四、財務回顧（續）收入（續）2009年上半年，本集團物業銷售收入為港幣1,270.2百萬元，佔收入總額50%，主要源自上海港國際客運中心地塊B 項目的部份樓盤的收入結轉。物業租賃收入比2008年同期增長19%，主要源自北京凱晨世貿中心出租業務的增長；酒店經營收入比2008年同期增長19%，主要源自2008年及2009年初新開業的酒店收入增長所致。銷售成本及毛利率截至2009年6月30日止六個月，本集團之銷售成本為港幣1,327.9百萬元（截至2008年6月30日止六個月：港幣615.7百萬元（重列））。2009年上半年本集團整體銷售毛利率為48%，較2008年同期之65%有所下降，主要在於本期物業銷售板塊及酒店經營板塊的毛利率低於上年同期水平。由於本集團本期在物業銷售板塊確認收入的上海港國際客運中心地塊B 項目的部份樓盤為該項目早期預售的部份，其銷售單價低於整個項目的平均售價，而上年同期物業銷售板塊為銷售北京凱晨世貿中心東座的部份樓層，當時售價較高，從而導致本期物業銷售板塊毛利率同比有所下降。本期物業租賃板塊出租率及租金水平保持穩定，與上年同期相當，毛利率水平仍保持高位。由於外部環境的影響導致酒店行業整體的不景氣，今年上半年本集團旗下的大部份酒店平均房價與入住率同比上年同期都有一定幅度的下降，導致本期酒店經營板塊的毛利率同比有所下降。其他收入和收益截至2009年6月30日止六個月，本集團的其他收入和收益為港幣202.1百萬元，較2008年同期的港幣1,275.1百萬元下降84%，主要在於本集團持有的投資物業所產生的投資物業公允值收益與上年同期比較有大幅下降。