Tungtex profit jumps

ELIMINATION of loss-making business pushed Tungtex Holdings' net profit up 32 per cent to $59.2 million in the year to March 31.

Earnings per share were 16.7 cents, compared with 12.9 cents last year, and turnover rose to $1.2 billion from $1.17 billion.

A final dividend of 4.5 cents per share was declared.

The company, a Hongkong manufacturer of high-fashion ladies' silk apparel, said operating profit had begun to increase in the second half as a result of integration and the streamlining of operations.

However, there was also an extraordinary loss of $14 million, a provision for losses on the group's interest in EPOC, an associate company in Japan.

EPOC is in receivership and Tungtex will continue to investigate the affairs of the company.