A $150 million bonanza arising from interest income on its record-breaking float last May has helped Beijing Enterprises report a 181 per cent jump in net profit to $811.2 million for the year to December. The company, which took red-chip fever to new heights when its share offer was subscribed about 1,276 times, beat its listing prospectus forecast by 21 per cent. It also exceeded the consensus market forecast by about 14 per cent, with the April edition of The Estimate Directory suggesting the Beijing municipal government's only listed conglomerate would report a profit of $709.7 million. As well as being boosted by interest income, the profit figure included a $210 million paper gain from the A-share listing of its subsidiary, Beijing Yanjing Brewery. Turnover rose 10 per cent to $3.37 billion while operating profit before exceptional items jumped 48 per cent to $426.3 million. Earnings per share were $1.51, or 79 cents, excluding the exceptional items. A final dividend of 15 cents a share was declared. Financial controller Jimmy Tam Chun-fai said a rise in tax refunds booked in the past financial year had resulted in a better than expected profit. Chairman Hu Zhaoguang said the company was confident it would not report a profit fall this year even without any asset injections. He said Beijing Enterprises had not yet received news that its asset injection plans had been approved. Speculation has suggested the company is to spend more than $2 billion on projects, including a water treatment plant, a tourist attraction and highways. Mr Hu asked for patience in waiting for the approval, adding the company had found the China Securities Regulatory Commission supportive of red chips. Guangnan Holdings said on Sunday its plan to buy corn companies from its parent had been approved by the watchdog. It is believed to be the first red chip to have asset injection plans approved since the issue of special guidelines concerning the mainland-backed companies last June. Executive director Bai Jinrong said it would be a challenge to generate growth in travel and tourism, infrastructure and hi-tech operations this year - all of which had been affected by tough conditions. The consumer product business, represented by Yanjing beer and McDonald's restaurants, should be the key growth engine this year, he said. Mr Tam said the company did not have immediate plans for a new share issue or placement to finance acquisitions. He said: 'With $2 billion cash on hand, we would have sufficient resources to complete the proposed investments in the near future. If we have more projects on hand, we can consider raising some bank loans at the company and subsidiaries level.' Mr Tam said the company had gearing of 21 per cent at the end of last year, or zero per cent net of cash against borrowings. He said the company could afford a gearing of up to 50 per cent, depending on expansion plans.