PROFITS at Television Broadcasts (TVB) have come in above analysts' expectations, with attributable profit up more than 42 per cent to $519.68 million for last year.
Kirk Sweeney, head of Hong Kong research at Lehman Brothers Asia, yesterday said the result - almost 17 per cent above the Estimate Directory consensus - was ''excellent''.
He said: ''The market has underestimated the operational leverage of this company. There was a 17 per cent acceleration of revenue in the second half. There is a demand for the product - it is not just a question of cutting costs.'' John Koh, analyst at HG Asia, was less sanguine. ''These results are pretty good. I just wonder how many people forgot about the exceptional item of $47.5 million.'' Turnover grew 13.5 per cent to $2.07 billion while operating profit before exceptionals grew 31.3 per cent to $590.53 million.
Earnings per share rose 42.53 per cent to $1.24 from 87 cents in 1992.
Dividends will total 80 cents a share compared with 60 cents in 1992 after a final payout of 65 cents was proposed.
Donald Keyser, analyst at Baring Securities, said the results held ''no surprises'' for him.
