SHK unit nets $33.41m

SHK Convertibles has announced a net profit of $33.41 million for last year.

The convertible bonds investor did not reveal the value of its portfolio but said it was 'satisfactory, especially in view of a rather competitive year for the industrial sector'.

'Industrial companies had a difficult year in 1994 and results reported by many listed companies were disappointing,' said secretary Peter Lee Yip-wah.

Convertible prices took a double hit last year, first from falling stock prices which reduce the chance of conversion, and second from rising interest rates which make the yields uncompetitive.