NEW Island Printing Holdings, a specialist printer of colour packaging, has reported 10.75 per cent higher profits of $22.23 million in its first annual results after listing in April. Although its share issue was 53 times oversubscribed, tying up $2.4 billion for a flotation raising just $50 million, the profits from banking subscription cash will not appear until next year's accounts. The results are in line with the modest growth forecasts made in the prospectus. Turnover for the year to March 31 rose 15 per cent to $165.66 million. The company is to give a dividend of one cent a share. Earnings per share were 14.8 cents. If previous accounts had been adjusted for the reorganisation before flotation, they would have shown an earnings per share figure of 13.4 cents. So Chau Yim-ping, chairman and managing director, said the company had won major orders from tobacco companies in the United States and China, and also started producing children's books with audio effects. The cash raised in the flotation will mainly be used for a new $20 million factory in Yuen Long. The shares were priced at 6.8 times prospective earnings, very slightly above the rush of other printing companies listing at the same time.