China Resources profits tripled in 1H

Hong Kong-listed China Resources Enterprises Ltd<291> reported in its interim results on Wednesday that its net profit tripled in the first half of 2007 due to the increasing revenues on the consumer businesses and sales of the petroleum business.

The company's net profit rose from HK$1.27 billion to HK$3.74 billion (US$480 million) in the first half of this year. Earnings from selling of its petroleum business in Hong Kong were HK$2.39 billion.

Song Lin, Chairman of China Resources, said the rest part of profits completely came from the gain of core business.

Incomes of the Hong Kong-based company increased from HK$31.58 billion to HK$35.15. The company will pay an interim dividend of HK$ 0.15 per share, and it plans to pay HK$0.60 per share dividend after the sales of petroleum distribution business.

China Resources, controlled by China Resources National Corp., focuses on the consumer businesses in both the Chinese Mainland and Hong Kong, with core businesses covering sectors like retail, beverage, food processing and distribution, textile and investment property.

The company's share price decreased 1.6% to close at HK$31.70 after the interim results announced.