Property developer Triplenic Holdings' mainland operations will contribute half this year's profit, managing director Jimmy So Kwok-hoo says.
Mr So said the diversification of its mainland operations from hotels into property and infrastructure development had increased the company's reliance on its mainland businesses.
Triplenic's attributable profit soared 11-fold to $128 million last year, thanks largely to a $134 million one-off gain from the disposal of a property. Attributable profit for the previous year to March 1995 was $11.47 million.
He said the company would use the $79 million profits realised in selling a property in Tsim Sha Tsui to finance expansion in China.
Triplenic's primary mainland asset is a four-star hotel in Xiamen and it has applied to operate a coach route between Fuzhou and Xiamen.
'We are in the final stages of negotiating with mainland partners on the route and fare,' he said.
