Profits rise for Yau Lee

Construction company Yau Lee Holdings reports a rise in profit of 6.2 per cent to $22.35 million for the year to March 31, from $21.05 million.

This was helped by the overall improvement of Hong Kong's construction business, backed by an increase in spending on public housing projects. Turnover increased 7.5 per cent to $1.57 billion, up from $1.46 billion. Earnings per share were 2.8 cents, up 7.6 per cent from 2.6 cents the year before.

Despite the profit improvement, the company slashed its final dividend by 66.6 per cent, to 0.5 cents from 1.5 cents a share.