China Zhongwang Holdings, the aluminium giant rocked by allegations it misrepresented parts of its May 2009 initial public offering prospectus, reported an 86.6 per cent jump in net profit for last year on the back of a surge in exports to the United States.
The company, which has been surrounded in controversy since its HK$9.8 billion IPO, raised eyebrows yesterday when it had to postpone its maiden results announcement. It also cancelled an investor presentation and a press conference at the last minute without saying when the results would be available.
A Zhongwang spokesman said some directors' flights to Hong Kong had been delayed, so they could not attend yesterday's board meeting set to approve the financial statements.
The results were eventually posted on the Hong Kong stock exchange website late last night.
They showed profit had risen to 3.53 billion yuan (HK$4 billion) from 1.91 billion yuan in 2008, as revenue had climbed 23 per cent to 13.85 billion yuan from 11.26 billion yuan the previous year.
The Liaoning province based company put the profit increase down to 'robust growth' in the export market where sales to the US skyrocketed from 214 million yuan in 2008 to 5.66 billion yuan last year.