Grande Holdings posts 124pc full-year profit rise to $292m
GRANDE Holdings has announced a net profit, including an exceptional gain of $96 million, of $292 million, up 124.6 per cent on the 12 months ending December 31.
After stripping out the exceptional gain on divestment of subsidiary and associated companies, the net profit, after minorities, rose 50.7 per cent to $196 million.
The group said Hong Kong profits tax was not provided for as the group did not generate any assessable profit for the year.
A final dividend was announced of 25 cents compared with 10.8 cents in the year previous.
Earnings per share, taken on an average of 242.9 million shares in the period and a net profit of $292 million, amounted to $1.20.
This was up 107 per cent on the previous period, in which there was no exceptional items, and the average number of shares in issue was calculated at 224.4 million.
After stripping out the effect of the exceptional gain the core earnings per share stood at 80.7 cents, up 39 per cent on the previous period.
Operating profit was $292 million with, and $196 million without, the exceptional item. This compared with $114 million of operating profit in the previous period.
Turnover for the 1993 period was $5.55 billion, up 76 per cent. Operating profit margin, excluding the exceptional, was 3.5 per cent in 1993 compared with 3.6 per cent in the previous period.
Company secretary and director Kin Yuen said the rise in turnover was due to the full inclusion of a whole year's turnover from Capetronic Group, which was acquired in June 1992.
Mr Yuen said there was a complete turn around in Capetronic's activities while those of Lafe Group, part of which was linked to Hongkew Group, saw strong and steady growth.
The exceptional gain was made from the flotation of shares in group subsidiaries and associated companies.
''The group's goal is to maintain and further strengthen its position as a leading manufacturer of high technology and quality electronics,'' said Mr Yuen.
The completion of restructuring of its holdings has placed it in a better position to develop its core operations and make more money.
The major divisions making up the core operating units are in computer magnetic heads, computer monitors, televisions, high fidelity audio equipment and trading.
''Each key operating unit is a leader or has created niches in its own market and the directors are optimistic that, given the prevailing market outlook, the group will be able to further its profit performance in the coming year,'' said Mr Yuen.
Teletech International reported a net loss after tax and minority interests of $60.13 million for the year ending December 31.
The loss per share was 6.6 cents.
The result compares with a loss of $97.92 million in the 15 months to the end of December 31, 1991.
Loss per share in this period was 22.4 cents.
Turnover in the 1993 period was $822.35 million compared with 594.67 million in the 1992 period.
Mr Yuen said: ''Last year was a turning point in the company's history.'' Significant losses were recorded in the first three quarters, with problems with orders, capacity utilisation, overheads and inventories.
The firm announced a completion of allotments in a rights issue of shares in the company.