First Shanghai in the black

A SUBSTANTIAL exceptional gain from selling long-term investments has pushed First Shanghai Investments back into the black for the six months ended June.

It posted an operating loss of $8.2 million as a result of stock trading losses and high professional expenses.

But the loss was more than compensated for by its gain of $84.84 million from disposal of long-term investments, which were not specified in the result.

After tax and minority interest, First Shanghai had an attributable profit of $75.56 million, compared with the previous year's $8.92 million.

Turnover rose more than four times to $64.46 million from $12.26 million last year.