Tianjin red chip on growth track

Recovering domestic demand and the disposal of a loss-making asset helped diversified red chip Tianjin Development Holdings get back on the right track with a 43 per cent gain in net profit to HK$151.14 million for the year to December 31.

In 1999, its net profit fell 56 per cent, to HK$105.75 million.

Chairman Wang Guanghao attributed last year's gain to the increased margin of its Dynasty brand winery and the growth in container handling and toll-road operations.

The three arms provide the company's core business.

Mr Wang said the company would spin off the winery, but the timing depended on the winery's development.

It was also seeking to acquire other wineries in the country.

Last year saw the company's turnover rise 16.2 per cent to HK$1.52 billion. Earnings per share were 25.1 HK cents, up from 17.6 HK cents before.