B-share road builder lags behind forecast

Guangdong Provincial Expressway Development Co has posted a profit of 59.4 million yuan (about HK$55.3 million) in the first half - less than one-third of its full-year forecast.

The B-share company listed on the Shenzhen exchange projected a profit of 205 million yuan for the full year in its share sale last month, using international accounting standards.

Using Chinese accounting standards, the interim profit was 58.5 million yuan, down 4.7 per cent from 61.43 million yuan a year ago.

Although operating revenue and operating profit rose 12 per cent and 20.2 per cent, other income fell 63.7 per cent and investment income saw a 46.3 per cent drop.