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HALF-YEAR REPORT 2016
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Group Financial Results
Revenue
For the first half of 2016, CITIC Limited recorded revenue of HK$183,974 million from continuous operations, a
decrease of HK$12,588 million or 6%, as compared with the same period last year. Excluding gains of HK$12.2
billion recognised for the same period last year as a result of the disposal of 3.16% equity interests in CITIC
Securities and the dilution of CITIC Limited’s equity interests following the placing of new shares by CITIC
Securities, as well as the impact of translation due to RMB depreciation for the current period, the increase
amounted to HK$11.2 billion or 6%.
Revenue from financial services was decreased by HK$6,214 million or 6% to HK$97,040 million. Excluding gains
of HK$12.2 billion recognised for the same period last year as a result of the disposal of 3.16% equity interests
in CITIC Securities and the dilution of CITIC Limited’s equity interests following the placing of new shares by
CITIC Securities, as well as the impact of translation due to RMB depreciation for the current period, the banking
business and trust business in the financial services segment maintained year-on-year growth.
Revenue from iron ore and copper trade and gold re-export grew in line with improved market sentiments, while
revenue contributions from the power generation and platinum operations decreased year-on-year, reflecting
lower demand and prices compared to the same period last year and partially offsetting the aforesaid growth.
Resources and energy reported revenue of HK$21,323 million, a decrease of HK$823 million or 4%.
The manufacturing segment recorded revenue of HK$28,673 million, a decrease of HK$3,663 million or 11%,
reflecting year-on-year growth in sales of aluminium wheels and castings offset by lower average selling prices
for the special steel business as compared to the same period last year and the decline in order prices for heavy
machinery owing to escalating competition.
The engineering contracting business recorded revenue of HK$6,096 million, a year-on-year decrease of HK$144
million or 2%, as its new projects were in the stage of preparation. There was year-on-year growth in the revenue
from domestic engineering projects, such as the waste water treatment plant conversion and expansion project,
for the first half of the year.
Revenue from continuous operations of the real estate segment amounted to HK$1,641 million, a year-on-
year increase of HK$337 million or 26%, reflecting in part the increase in revenue from the closing of projects
including the Jiading complex project.
Revenue from other businesses amounted to HK$29,183 million, a decrease of HK$2,007 million or 6%, reflecting
mainly the decline in Dah Chong Hong’s automobile sales in Hong Kong, the food distribution business in China
and CITIC Telecom’s mobile phone sales. CITIC Envirotech report notable year-on-year increase in revenue on the
back of business scale expansion.