A debt restructuring plan has helped battered red chip Guangdong Investment (GDI) return to the black with a net profit of HK$128.73 million for the first half of the year.
In the previous year, debt-ridden GDI lost HK$270.22 million.
Most of the company's gain came from an 81 per cent interest in water plant GH Water Supply (Holdings) which was injected into the company by the Guangdong Government under a US$5.59 billion debt restructuring plan completed in December.
The company's turnover increased by 63.9 per cent to HK$3.7 billion, compared with HK$2.25 billion in the previous year.
Earnings per share were 1.92 HK cents, against a 12 HK cents loss per share for the previous corresponding period.
Subsidiary Guangdong Tannery also returned to the black with a net profit of HK$5.01 million for the first six months of this year.