China smiles on Richina Pacific as interim profit surges

The company has announced a half-year tax-paid profit of $2.04 million, up from $146,00 for the same period last year.

All four trading activities - leather processing, construction and development, venison and Beijing Blue Zoo - traded in a surplus. Operating revenue hit a record $351.6 million, up 34% on last year.

In China the company says its surplus from Shanghai Richina Leather and Blue Zoo was $621,000, up from $9000. It notes that "to record a useful surplus in China so early in the development of its operations there is a feat few New Zealand companies have been able to do."

The surplus from New Zealand operations was also considerably up on last year, rising by 36% to $8.2 million. Much of the surplus came from the company's semi-processed leather operations, while construction under the Mainzeal brand was the main revenue generator at $209 million.

Richina Pacific says it still plans to sell its property investment in Wellington's 22-level Mobil-on-the-Park at some stage, but it won't be seeking a sale until its value can be fully realised.

The company is predicting continuing improving profits for the full year.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.