Jiangsu Expressway profits multiply

H share Jiangsu Expressway Co announced net profit of 334.85 million yuan (about HK$311.41 million) in its first full-year result since listing in June - beating its prospectus forecast of 271 million yuan.

The figure represented an 83-fold increase over the toll-road firm's net profit of 3.97 million yuan previously.

Turnover surged 518 per cent to 779.67 million yuan.

Earnings per share were 7.79 fen, against 0.21 fen a year ago.

A final dividend of four fen is recommended.

The operating result for 1996 covered only the Shanghai-Nanjing Expressway. The 1997 result included the Shanghai-Nanjing Expressway, Nanjing-Shanghai Class 2 Highway, Xichong and Guangjing Expressways.