BIL posts 39 per cent full year profit increase

Investment company BIL International today reported a 39 per cent rise in full year profit.

The Singapore-based company, formerly New Zealand corporate raider Sir Ron Brierley's Brierley Investments Ltd, posted an after-tax operating surplus of US$86.9 million ($124.71 million) for the year ended June 30.

The result was based on total operating revenue of US$343.5 million, up 15.4 per cent, and was boosted by US$89 million in proceeds from the sale of six Thistle hotels in April 2005.

The sale proceeds were used to reduce debt. Gains on the disposal of investments totalled US$8.4 million, while foreign exchange gains were worth US$9.3 million.

Earnings per share rose to US6.3c from US4.6 c. The company will pay a dividend of S35c (NZ30.6c) .

Shares in BIL last traded in New Zealand at $1.10.

The company is currently the subject of a takeover offer by Hong Kong-based investment firm Guoco. Guoco, controlled by Malaysian tycoon Tan Sri Quek Leng Chan, is offering $S1.20 or $1.04 for all the BIL shares it does not already own.

BIL's main asset is the Thistle hotels group, which it took private in 2003 for £627 million ($1.6 billion). Thistle's website lists 49 hotels, 20 of which are in London.

- NZPA