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China smiles on Richina Pacific as interim profit surges

By Phil Boeyen, ShareChat Business News Editor

Friday 25th August 2000

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China is getting the thumbs up from Richina Pacific after revenue from its operations there lifted by almost 80% in the six months to the end of June.

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.

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