Rice distributor Golden Resources Development's profit in the year to March 31 surged 10-fold from a year earlier to HK$107.36 million.
However, turnover fell 13.81 per cent to HK$1.07 billion.
Earnings per share were 19 HK cents and a final dividend of 2.5 HK cents will be paid.
Managing director Alvin Lam Kwing-wai said the surge in profit was due to improved efficiency. 'Business performances in Hong Kong and the mainland are exceeding our plans, and [there was] a drastic reduction of extraordinary losses which adversely affected profit.'
Mr Lam said the drop in turnover was due to reduced losses and a management and board reorganisation. Also, two factories in the mainland, which were in the red, were closed.
He said the company had in place a 'value chain management', forcing its mainland rice factories to balance their books or face closure.