Shares in Hong Kong's largest food distributor Ng Fung Hong jumped almost 5 per cent yesterday as the company announced a 127 per cent rise in net profit, outstripping its forecast at the time of its $1.2 billion float last October. Profit for the year to December amounted to $302.7 million, more than double the $132.9 million earned in the previous year. However, the figure was buoyed by an exceptional profit of $45 million comprising $11 million in interest income on its float proceeds and $34.8 million arising from discontinued operations. Last year it made an exceptional loss of $20.35 million. Reflecting the better than expected year, directors have proposed a final dividend of five cents, payable on June 5. In its listing prospectus, the company said it expected a profit of not less than $285 million and forecast a dividend of four cents. Turnover, however, increased by only a meagre 2.8 per cent. Earnings per share rose 116 per cent to 36 cents.
