Kwong Sang Hong International, a property investment and development company, says stronger conditions in the property market helped profit attributable to shareholders rise 30.4 per cent for last year. The company, the subject of a failed privatisation bid by Peregrine Investments, said net profit reached $202 million in 1996, against $154.9 million in 1995. Earnings per share grew 30 per cent to 33.3 cents, while turnover fell 31.3 per cent to $249.4 million. Managing director Francis Leung Pak-to said: 'We expect Kwong Sang Hong to have another good year in 1997 as the property market should remain very active this year.' The group's investment properties provided an annualised rental income of $59 million for the year. Development properties in Hong Kong grew to an attributable gross floor area of 1.03 million square feet, excluding about 2.3 million sq ft of agricultural land in the New Territories. Its cosmetics business, which operates under the Two Girls brand name, saw turnover increase 23 per cent, helped by increased business from tourists. Kwong Sang Hong, 53.09 per cent owned by Peregrine, became a subsidiary of the investment bank last year. A privatisation bid failed as only 87.5 per cent of shareholders approved, short of the 90 per cent required. Directors have recommended a final dividend for the year of six cents a share, up from five cents in 1995.