Associates help lift Harbour Ring net

Toy-maker Harbour Ring International Holdings says contributions from associate companies increased first-half net profit almost 40 per cent to $56.32 million.

In the six months to June, associate companies contributed $15.44 million, twice of last year's figures.

This offset a 31 per cent fall in operating profit to $46.7 million.

Harbour Ring, which is partly held by Hutchison Whampoa, said turnover fell 3.55 per cent to $687.03 million.

Chairman Luk Chung-lam said turnover in soft toys rose 182 per cent during the period.

'The trend of the toy industry in coming years will move towards soft toys and electronic toys,' he said.