China Resources Enterprise (CRE) has posted a 14.8 per cent year on year rise in net profit to HK$1.65 billion in the year to December 31. The company, engaged mainly in property, food and beverage, and infrastructure, said turnover rose 30.3 per cent to HK$16.81 billion, compared with HK$12.9 billion in 1999. CRE, which is in the process of restructuring its operations to become one of Asia's largest commodities distribution companies, declared a dividend per share of 21 HK cents, up 40 per cent from 1999. CRE is controlled by China Resources (Holdings), an unlisted SAR investment arm of China's Foreign Trade Ministry. Analysts said the company had achieved organic growth and the property division performed slightly better than expected. Property investment and development in Hong Kong posted a 4.4 per cent rise to HK$614.83 million, from HK$589 million in 1999. Some analysts had expected a profit decline in the division due to a smaller contribution from its Tsing Yi development, Villa Esplanada. The slight growth came from a full year of rental contribution by retail properties acquired in 1999, according to a company spokesman. However, mainland property earnings fell to HK$45.83 million from the preceding year's HK$63.34 million. Hong Kong and mainland properties accounted for 34 per cent of profit, while infrastructure and other investments, which grew 23.4 per cent, accounted for 36 per cent.