Electrical and mechanical engineering company KEL Holdings, which has been spun off from UDL Holdings, says net profit will not be less than $52 million for the year to March, 1997. UDL chairman Leung Yat-tung said KEL's total turnover for the year to March would be $600 million but offered no profit forecast for the year to March, 1998. Amsteel Corporate Finance (HK) managing director Alexander Tai Kwok-leung said: 'Estimated turnover for next year is $800 million.' The company will have a gearing ratio of 59 per cent after the flotation. For the six months to September, 1996, KEL recorded net profit of $19.46 million. Mr Leung said about 90 per cent of the $311.51 million turnover came from the public sector due to the boom in public housing projects.