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Elaine Chan

CHINA-BACKED real estate and investment company Top Glory International Holdings reported a 59 per cent surge in attributable profit, lifted by exceptional items for the year to March 31, 1995.

Profit was up from $363.8 million to $579.3 million due to one-time gains of $646.4 million.

Contributing substantially to profit was the disposal of the holding of the World Trade Centre to Sun Hung Kai Properties, which earned $600.6 million.

Earnings per share on a fully diluted basis rose 59.8 per cent to 29.4 cents.

The directors have declared a final dividend of two cents per share. Earlier, it paid an interim of 10 cents a share.

Turnover for the year jumped almost 133 per cent to $652.8 million.

Without the exceptional items, the group - controlled by the state-owned China National Cereal Oils and Foodstuffs Import and Export Corp - suffered an operating loss of $35.9 million, widening from a loss of $30.5 million the previous year.

Group vice-chairman Zhou Biquan said primary investments were in property and food-related industries. The group enlarged its Hong Kong land bank by the acquisition of properties in Happy Valley during the year.

It acquired a ground-floor shop in Chungking Mansions, office premises in the Alliance Building in Central, and residential properties in Prince Edward Road for investment.

Analysts said the results offered no surprises.

'The company's current strategy is to inject funds into new ventures that are not expected to contribute [to profit] yet,' one analyst said.

Analysts expected next year's profit to be boosted by the sale of the Tai Hang Road development.

   The group's 63 per cent-held subsidiary, China Foods Holdings, reported a 311 per cent leap in attributable profit of $198.2 million for the year, mainly due to exceptional items of $70.4 million.

Earnings per share on a fully diluted basis were up from 15.9 cents to 36.7 cents.

The directors have declared a final dividend of five cents per share and, together with the paid interim dividend of 4.5 cents per share, the total is 9.5 cents.

 There will be a special dividend of seven cents per share.

The total dividend per share the previous year was 8.5 cents per share with no special dividend.

Turnover soared 97.6 per cent to $572.7 million.



An exceptional year for Top Glory