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SCMP Reporter

SHANGHAI Dazhong Taxi more than doubled its after-tax profit last year.

  The Shanghai-listed counter has reported a profit of 70.3 million yuan (about HK$62.2 million) after tax, 109 per cent more than the 33.6 million yuan earned in 1992.

  The figures were calculated according to international accounting standards.

  The company registered an exchange gain of 26.9 million yuan before taxation, compared with 10.9 million yuan a year earlier.

  Dazhong said the gain had arisen from the revaluation of unused B-share proceeds and net foreign-currency assets.

  The B-share proceeds were recorded in the book at the official rate and were exchanged for the Chinese currency at one US dollar for 8.65 yuan.

  Dazhong's revenues rose 30 per cent to 101.6 million yuan from the previous year's 78 million yuan.

  Earnings per share were 64.1 fen, compared with 49.1 fen in 1992.

  The Shanghai taxi operator recently announced plans to convert its legal-person shares into B shares, but last night Xinhua (the New China News Agency) reported that China's securities authorities had to consider the plan first.

  ''No such transformation of shares will be permitted until a relevant policy is worked out,'' said a spokesman for the China Securities Regulatory Commission (CSRC).

      ''A grassroots company has no right to make the decision without state permission.'' 



Dazhong Taxi doubles profit to $62m