ASIA'S booming equity markets saw the net profit of Sun Hung Kai and Co (SHK) jump 26.2 per cent to $410.2 million last year, bouncing back from declining profits in the interim.
Turnover for the year to December increased 24.3 per cent to $919.9 million.
In accordance with new accounting practices, an extraordinary gain of $14.9 million reported in the 1992 accounts has been reclassified and included in contributions from associated companies.
If the item was excluded, the financial services group would have posted an increase of 32.3 per cent in net profit.
The group attributed the higher-than-expected earnings growth to good performances by core businesses in broking, bullion, corporate finance, foreign exchange and fund management.
In the first six months of last year, a provision for exposure to China B shares and the poor performance of the Sun Sun Chan foreign exchange fund knocked 16.6 per cent off its interim profit.