Kwong Hing profits increase 25 pc to $32.6m thanks to better cost control

Kwong Hing International Holdings, buoyed by gains on various disposals, increased turnover and stringent cost control, has registered an improved profit for the year to March 31. The company recorded attributable profit of $44.25 million for 1996-97, compared to $26.04 million in 1995-96. Once exceptional items related to the disposal of properties, furniture and fixtures were taken into account, profit reached $32.6 million - up 25 per cent on the previous year. The result was struck on a 15 per cent increase in turnover to $381.79 million. Directors said that, in line with information set out in the company's prospectus, it was not declaring a final dividend. They said profit growth was mainly attributable to strong demand and support from customers, as well as better use of production capacity and 'stringent cost control'.