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Building sale boosts profit for Ming Pao

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MING Pao Enterprise has reported net profit growth of 101.97 per cent to $119.42 million for the six months to September 30, with earnings per share at 36.7 cents, up 86.29 per cent.

The sale of an industrial building at group company South Sea Development, in Chai Wan, made up 47 per cent of group income before tax and minority interests.

A dividend of nine cents a share was declared, against eight cents for the same period last year.

Turnover at the company more than doubled to $771.25 million. Operating profit was $163.57 million, up 155.77 per cent.

Stripping out the significant property factor in group results, profit rose about 35.55 per cent to $86.69 million.

Advertising revenue at Ming Pao Daily News and Ming Pao weekly rose 23 per cent and circulation grew steadily.

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