Asia Orient soars 412pc

ASIA Orient has posted a 412 per cent rise in interim profits to $52.6 million, buoyed by an exceptional half year for the group's major subsidiary Asia Standard International Group.

Asia Standard, in which Asia Orient now has a 52.3 per cent stake, increased its net profits for the six months to September 30 a hefty 462 per cent to $55.4 million.

Clement Fung Siu-to, chairman of both companies, attributed Asia Standard's exceptional growth to the issuance of occupation permits for two of its pre-sold residential properties as well as the group's improved rental income.

Asia Orient's turnover rose 172 per cent from $45.6 million to $124 million.

However, its directors have proposed paying no interim dividend.