Everbright glitters on asset sales

PUBLISHED : Wednesday, 24 December, 1997, 12:00am
UPDATED : Wednesday, 24 December, 1997, 12:00am

China Everbright, the flagship of the mainland's China Everbright Group, has reported sharply higher results in the six months to September, benefiting from asset sales and its stakes in National Mutual Asia and International Bank of Asia.

In a half that saw the red-chip group evolve into a broader-based conglomerate focused on the financial sector, attributable profit jumped from $3.2 million to $98.1 million.

The figures included a $73.3 million exceptional gain on the sale of its Emporium retail business in Singapore to Theme International and of Hong Kong retail interests to Frankie Dominion.

The result was also buoyed by a $51.6 million share of profit flowing from stakes in associates such as IBA, in which it holds a 20 per cent interest but whose results have only been included for the first three months, and National Mutual Asia, of which it owns 5 per cent.

Overall turnover fell from $724.8 million to $574.9 million, reflecting the sale of businesses during the period.

Earnings per share were 10.07 cents, up from 0.49 cents. Despite the strong results, no interim dividend was declared.