Listing candidate Benefun International Holdings has forecast this year's net profit will grow 30 per cent to about $50 million, driven by its mainland operations. Benefun, a proposed spin-off from loss-making Heshe Holdings of Singapore, is pursuing a dual listing in Hong Kong and Singapore early next month. Benefun president and founder Tan Sim-chew said the expected growth in profit was in line with the company's year-on-year growth of 30 per cent over the previous two years. In the year to June 30 1995, it earned $38.8 million on sales of $544.2 million. Benefun now derives about 50 per cent of sales from China where it operates about 260 outlets under its brands Fun and Kairama. The balance is earned from distributing Italy-based Benetton apparel in 56 stores in Taiwan and 20 stores in Hong Kong. 'Fun and Kaimara are expected to generate between 60 and 70 per cent of sales by June as our expansion plan progresses,' Mr Tan said. The plan includes opening 100 stores on the eastern coast of China at a cost of about $37 million. Benefun also plans to invest $10 million adding equipment to its Xiamen production base. 'We are considering buying our own stores as all of the existing stores are rented,' Mr Tan said. Earlier he said the company proposed floating 25 per cent of the enlarged share capital of Benefun at more than eight times prospective earnings.