Newly acquired projects have boosted earnings at Shanghai Industrial Holdings, which soared 133.58 per cent to $436 million in the six months to June 30. Strong growth was recorded for most businesses - except health products - with recently bought car component and infrastructure divisions making a respectable contribution to the company, which is the listed arm in Hong Kong of the Shanghai municipal government. Turnover rose 33.55 per cent to $1.61 billion, on a pro forma basis, as the company's four main businesses expanded and reported stable business volumes. Earnings per share rose 42.35 per cent to 58.12 cents. The directors recommended an interim dividend of 9.5 cents a share. Managing director Zhuo Fumin yesterday said the earning prospects of the recent acquisitions would be better reflected in the second half of the year, having consolidated the earnings of the assets it took over in the past year. They included Shanghai's Inner Ring Road and the North-to-South Elevated Expressway Project, which the company acquired in April and brought in income only in May and June. The Yanan Road Elevated Highway Project, which the company took possession of late last year, made up the bulk of its income generated from infrastructure facilities. Infrastructure accounted for 36.4 per cent of the company's profit in the first half, second only to cigarette business and other consumer products with 38.1 per cent. Car-parts manufacture made up 24.1 per cent of the profit. Given the respectable prospects of asset acquisitions, Mr Zhuo said the company would continue to identify appropriate investment opportunities as part of its bid to develop into a conglomerate. A number of businesses and projects were being reviewed and, as soon as any agreements were reached, appropriate announcements would be made, the company said. Mr Zhuo said the company might branch into the development of high-technology industries which carried better yields and returns. Shanghai Industrial's parent, Shanghai Industrial Investment (Holdings) Co, has two bio-technology projects, he said. The company said its net tangible assets surged more than 400 per cent since its listing last year, to $8.6 billion from 1.6 billion, boosted by two big acquisitions during the past year.