PACKAGER Sinocan Holdings has announced attributable profits of $150 million for the year to December, up 199 per cent on its performance in the previous year.
Sinocan directors said the increase was in line with the forecast in the prospectus.
Turnover rose 41 per cent last year to $382 million and earnings a share came to 21.2 cents, they said. Directors have proposed a final dividend of seven cents a share.
Sinocan chairman Wong Man-wing said the improved performance was mainly due to increases in the production of three-piece cans and in tin-plate processing, lacquering and printing.
The group continued to expand capacity by installing a third can-body production line in Zhengzhou, Henan province, while a second production line for can bodies in Putian, Fujian, became fully operational last year, he said.
Since the end of 1993, the group had been able to produce three-piece cans itself without having to rely on external suppliers, and profit margins had improved due to increased production capacity, he said.
