Paint-maker CNT Group says net profit surged 553 per cent to $207.25 million in the year to June while net profit of subsidiary Citybus Group grew 38.1 per cent.
CNT's profit was boosted by a $174.16 million exceptional gain from the sale of 10 per cent of Citybus's mainland travel company, China Travel International Investment Hong Kong, and 98 million CNT shares to Jiangsu International Trust and Investment Corp.
Operating profit before exceptional items rose 46.52 per cent to $69.51 million due to the improving contribution from Citybus and a strong performance by its China Paint division.
Paint sales grew 35 per cent on the mainland but fell 8 per cent in Hong Kong because of rain in May and June.
An interim dividend of one cent was proposed, against none previously. Earnings per share rose to 16.97 cents from 2.71 cents.
Citybus, a franchised bus operator, saw net profit jump to $61.76 million from $44.72 million, driven by 20.5 per cent growth in passengers to 77.5 million in the period.
