TAI Ping Carpets has reported a net profit rise of 5.5 per cent last year to $30.63 million, with turnover dipping 1.7 per cent to $253.85 million.
During the period, the carpet manufacturer and retailer recorded an extraordinary item of $5.65 million resulting from the sale of property, compared with $109.85 million in the previous year.
The company said it did not comply with the revised Statement of Standard Accounting in classifying the extraordinary item as exceptional. That would give ''a misleading view of profit before taxation and earnings per share''.
Earnings per share were 31 cents, with a proposed final dividend payout of 10 cents, bringing total payout to 20 cents.
During the interim period, Tai Ping suffered a 33 per cent dip in profit resulting from the reduction in profits from property development because all projects had been sold in 1992.
