LIPPO and listed subsidiary Hong Kong China have turned in interim profits far in excess of their totals for the whole of 1993.
Lippo recorded an increase in net profit of 334 per cent while Hong Kong China recorded a staggering 605 per cent increase.
Profits also grew at listed subsidiary Hong Kong Chinese Bank where the figure was 42 per cent higher than last year's after transfers to and from inner reserves.
Lippo's attributable profit was HK$772.7 million against HK$178.1 million a year earlier on the back of turnover of HK$3.5 billion compared with HK$452.3 million previously.
Hong Kong China showed net profits of HK$1.24 billion in the first half compared with HK$399 million in the first six months of 1993.
The huge growth comes on the back of heavy property trading by the group. 'Hong Kong China was very active in the property market re-aligning its portfolio of real estate, principally by the disposal of the Ambassador Hotel,' the company said.
Lippo bought the Ambassador and some smaller properties from Kumagai Gumi for HK$1.2 billion and sold the hotel to Stelux in January at HK$2 billion realising a HK$710 million profit in four months.
