Property sale lifts Tack Hsin

RESTAURANT operator Tack Hsin Holdings yesterday reported an intriguing interim result, with a 29 per cent jump in turnover, but a 94.6 per cent dive in profits before exceptional items.

Profits fell from $17.7 million last year to $8.9 million.

Boosted by a $58.5 million gain in disposal of property sales, the attributable profit increased to $57 million, a triple jump from last year's $14.6 million.

The company said relocating a restaurant from Tsim Sha Tsui to Mongkok and poor turnover at certain new establishments affected its result.

An interim dividend of two cents was declared, compared to 1.5 cents last year. Earning per share rose from last year's 4.95 cents to 19.03 cents.