Elegance posts 10pc return rise to $43m

Eyewear manufacturer Elegance International Holdings has reported a 10.3 per cent increase in net profit to $43.8 million for the year to March 31, 1996.

The company reported a 32.7 per cent increase in turnover, thanks to the increase in popularity of its metal-framed glasses, the company said last night.

Company secretary Lui Tat-ming said: 'We are confident that the trend in metals frames will continue.' The decline in importance of European designers of glasses had contributed to the company's success, he said.

The company said its new factory in Jinquan, Shenzhen, was in its final stages of preparation and, when ready, would manufacture 400,000 pairs of glasses a month.

Earnings per share amounted to 22.4 cents, compared to 21.2 per share the previous year, directors announced. The company said it would be recommend a 1.9 cents per share dividend at its annual general meeting.