Despite a difficult mainland construction market, positive contributions from Van Shung Chong Holdings' building materials and steel-trading businesses in Hong Kong boosted its net profit 20 per cent to $80 million for the year to March.
Managing director Andrew Yao Cho-fai said yesterday the company's performance was an indication of the strong Hong Kong economy, with an increasing number of infrastructure and building projects.
'We foresee a 40 per cent increase in residential property projects over the next three years and are in a position to benefit,' Mr Yao said.
He said the company had a 30 to 35 per cent share of the Hong Kong market for building materials, primarily in steel rebars for construction.
Turnover was $2 billion, representing an 8.5 per cent increase over the previous year's $1.85 billion.
Mr Yao said the company had $875 million in contracts on hand, a 10 per cent increase over previous year.
