HUALING Holdings, the mainland refrigerator maker which listed in Hong Kong last November, has announced year-end profits of $121.51 million, including $38.26 million from interest income on share subscriptions. The profit is a 222 per cent improvement on the pro forma results of 1992. The group was reorganised before listing, so there is no direct comparison. Turnover was $443.48 million and operating profit $48.98 million, giving an operating margin of 11 per cent. An exceptional item of $77.38 million was split into the $38.26 million gain from interest on the heavily oversubscribed shares.