UDL Holdings, one of the territory's largest dredging firms, says it has ''achieved a new benchmark in profit performance'' as its annual results showed profits up 67 per cent to $102 million. Turnover rose 52 per cent to $563.8 million in the year to March 31, despite many dredging projects in the region starting late. The dividend will be one cent a share, against the previous year's 5.3 cents. UDL was listed in 1991 and has since borrowed substantially to increase its fleet, as two major airports and other marine jobs have meant unprecedented regional demand for dredging for reclamation. The company said these large borrowings meant a larger dividend would not be prudent. Fully diluted earnings per share rose from 14.1 cents to 18.9 cents. The rise comes despite the previous year's profits being double those of 1991. The company has ended its shipbuilding business in Singapore but is building up its civil engineering business, which has $1 billion worth of orders in hand. Chairman Leung Yat-tung said ''the new development of the Western Harbour port facilities and related reclamation work in the urban area will continue to feed the dredging and reclamation work for the near future''. A company in the recently-acquired Nicetrand group had won a $430 million sub-contract for the Lantau Fixed Crossing, he said.
