An exceptional gain of $83.8 million helped red chip Guangdong Investment boost attributable profit 4.4 per cent to $604.2 million for the year to December.
The results were marginally higher than the market consensus forecast of a 3 per cent increase to $595.5 million, contained in the April edition of The Estimate Directory.
The listed arm of the Guangdong provincial government said turnover fell 20 per cent to $6.47 billion and operating profit fell about 10 per cent to $814.2 million.
Excluding the disposal of interests in Guangnan (Holdings) in 1995, turnover rose 50.2 per cent to $6.47 billion and operating profit from continuing operations jumped 28.5 per cent to $814.2 million.
The exceptional gain arose from the dilution of its stake in a subsidiary, disposal of a joint venture and interest income from the initial public offering last year of Guangdong Tannery.
Earnings per share fell one cent to 28 cents.
A one-for-10 bonus warrant issue has been declared, as well as a final dividend of 5.2 cents, bringing total payout for the year to nine cents, unchanged from last year.
