OOIL reports turnaround in profits

Orient Overseas International Ltd (OOIL), the shipping company controlled by the family of former chief executive Tung Chee-hwa, announced yesterday it had made net profits of US$1.867 billion last year, compared with a loss of US$402.3 million in 2009. This result included the net profit of about US$1 billion from the sale of OODL, the company's former mainland property development business.