Foreign business news in brief


  • Business
  • Saturday, 22 Mar 2003

United Food sees double-digit growth 

 

United Food Holdings Ltd, a producer and supplier of processed meat products, frozen pork and animal feed, said it expects earnings to grow at a double-digit rate again this year, boosted by the expansion of its animal by-products business. 

“We expect to do much better this year ... with our animal feed business, the chondroitin sulphate (operations), together with the tax holidays we enjoy. We should be able to grow our bottom lines by double-digit (rates),” chief financial officer Chin Hon Siang said at the company's earnings briefing. 

The company's net profit grew 18.63% to 445.107 million yuan in 2002 from 375.198 million in 2001. – AFX 

 

GIC unit invests in Strategic Hotel 

 

GIC Real Estate Pte Ltd, a unit of the Government of Singapore Investment Corp (GIC), said it has invested in US-based Strategic Hotel Capital through a US$230mil mezzanine loan. 

GIC Real Estate said the loan is secured by its equity interest in a 15-hotel portfolio owned by Strategic Hotel. The loan has a term of two years but can be extended for another year. 

According to its website, Strategic Hotel owns about 30 upscale and luxury hotel properties in the US, Mexico and Europe. – AFX 

 

Shangri-La 2002 net profit up 

 

Shangri-La Asia Ltd said its 2002 net profit rose to US$93.078mil from US$58.793mil in 2001, with the bottom line benefiting from lower financing costs, which fell to US$41.026mil from US$64.886mil. 

It also benefited from improved contributions from associates, which rose to US$40.629mil from US$35.097mil. Sales stood at US$600.521mil in 2002, compared with US$599.561mil in 2001, it said. 

The company has cut its final dividend to 5 HK cents in 2002 from 8 cents in 2001. – AFX 

 

Intraco sells stake in Meiban 

 

Intraco Ltd said it has sold its entire 11.99% stake in Meiban Group Ltd for S$4.226mil as part of the group's effort to rationalise its businesses. – AFX  

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