Tunnel up marginally

PUBLISHED : Wednesday, 02 March, 1994, 12:00am
UPDATED : Wednesday, 02 March, 1994, 12:00am

THE Cross-Harbour Tunnel Company has reported a slight rise in attributable profits to $221.59 million from $220.48 million for last year.

The results were below market expectations, according to the Estimate Directory, which projected a consensus profit of $230 million.

Turnover rose 36.6 per cent to $672.76 million due to an increase in the company's equity interest in the Hong Kong School of Motoring.

The group raised its stake in the school from 50 to 70 per cent in 1992, making it a subsidiary.

Earnings per share fell 8.38 per cent to $1.42. A final dividend of 37 cents per share was recommended and is expected to absorb $70.9 million. The 37 cents dividend is 19.6 per cent lower than the fourth and final dividend paid a year ago, but the totalamount absorbed by the latest proposed dividend represents a 21.9 increase over that paid previously.