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Midland Realty returns to profit

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Midland Realty has returned to the black in the first half of this year, posting a net profit of $21.58 million.

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A year earlier, the company reported a $22.72 million loss.

Turnover in the first half to June 30 was down 6 per cent from a year earlier to $406.98 million.

Directors recommended an interim dividend of 1.5 cents per share.

Earnings per share amounted to 3.64 cents, against a loss of 3.82 cents for the previous year.

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Chairman Freddie Wong Kin-yip said the company intended to set up 40 new branches in the coming nine months.

At present, Midland has 140 branches, up 7 per cent from 131 last year.

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