Property sales boost net

AN extraordinary gain of $109.85 million boosted profits at Tai Ping Carpets International to $138.62 million last year, from $45.4 million in 1991.

The extraordinary item comprised proceeds from property sales, minus one-off costs of $14.9 million associated with staff cuts.

Before extraordinary items, profits were $28.76 million, down 39.3 per cent from the previous year's $47.35 million.

Turnover fell by 5.9 per cent, from $274.45 million to $258.16 million.

Earnings per share fell from 49 to 30 cents. The group will pay a final dividend of seven cents per share, and directors have proposed a cash bonus of 10 cents per share.