Fairyoung results soar

FAIRYOUNG Holdings, the property and transportation conglomerate, has boosted profits by nearly 2,000 per cent to $199.96 million following the disposal of US property assets for $221.66 million.

The group's turnover last year jumped by about 1,300 per cent to $584.36 million while profits attributable to shareholders rose by nearly 2,000 per cent to $197.39 million.

Earnings per share rose to 62.5 cents from three cents.

A spokesman for the company said: ''The group has completed the transformation of its business scope from a pure United States real estate investment company into a conglomerate with diversified interests in China.

''Substantial profit was generated from the disposal of 60 per cent of its major United States real estate investment.''