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Lung Kee's net profit leaps to HK$191.7m for 2016

HONG KONG-based mould maker Lung Kee (Bermuda) on Friday posted a full year net profit of HK$191.7 million (S$34.5 million) for 2016, a jump of more than 50 per cent compared with the previous year.

The company also listed HK$2.213 billion in revenue for the year ended Dec 31, 2016, down slightly from HK$2.279 billion in 2015.

The group attributed the "substantial growth" in net profit to sustained improvement in cost control, production efficiency of the business and the recording of other income upon deregistration of a subsidiary in China.

The group's directors are set to recommend a final dividend of 12 HK cents per share and a final special dividend of 12 HK cents per share at the company's annual general meeting on May 15, up from last year's eight HK cents and five HK cents, respectively.

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