Chiwan's profit up by 54.7pc

CHIWAN Wharf Holdings, the Shenzhen-based transport company, has announced a rise of more than 50 per cent for both turnover and pre-tax profits for the year ended December 31.

Turnover rose by 51.5 per cent to 247 million yuan (about HK$218.59 million) and pre-tax profit by 54.7 per cent to 91 million yuan. The final dividend is eight fen.

Top performing divisions were land transport, up by 37.8 per cent, and cargo handling which rose by 19.1 per cent, with plastic bag production increasing by more than 10 per cent.

Executive director Yuning Fu said: ''In 1994, as China's economy continues to expand, the port and shipping business will continue to grow. Port handling will remain the group's core business.

''But to achieve the strategy of diversification of business, the group will explore the feasibility of engaging in financial, securities and trading business,'' he said.