GUANGZHOU Investment Co, a property arm of Guangzhou-government-owned Yue Xiu Enterprises, has posted a sharp jump in profits to $218.7 million for last year.
This compares with a profit of $37.8 million for 1991 and the projected figure of no less than $210 million when it listed last December.
It expects results to improve further this year, despite speculation that last year's property boom is unlikely to be repeated and that an increase in mainland interest rates will diminish property activities.
An extraordinary profit of $51.7 million was recorded from interest earned in the company's flotation, which was oversubscribed 230 times.
This takes profit attributable to shareholders to $270.3 million, against $37.8 million a year ago.
Earnings per share were 16.7 cents, against three cents the previous year.
Directors recommended a dividend of one cent, representing a dividend payout ratio of 7.77 per cent.
