BIL posts $95m profit

SINGAPORE - Singapore investment firm BIL International yesterday posted a profit of US$62.6 million ($95.6 million) for the year to June compared with a net loss of US$60.3 million in the previous year and said it would pay a dividend.

The result was helped by a net foreign exchange gain of US$15.6 million against a forex loss of US$52.7 million for the previous year.

BIL, controlled by Malaysian Quek Leng Chan, posted a fiscal fourth-quarter net profit against a loss in the same quarter of last year due to smaller foreign exchange losses.

The results also reflected the consolidation of the earnings of London's biggest hotel chain, Thistle Hotels, which became a 100 per cent subsidiary of BIL last year.

BIL posted a profit of US$9.4 million for the three months to June 30 compared with a loss of US$20.3 million in the year-ago quarter. Net foreign exchange losses shrank to US$2.4 million from US$33.2 million in the same quarter of last year. A first and final dividend of S2.5c share (NZ2.3c) will be paid subject to shareholder approval.

BIL's main assets are Thistle Hotels and Bass Strait oil and gas royalties. The company this year said it had booked US$21.1 million from the sale of Air NZ shares.

BIL shares closed 3c higher at 90c on the NZSX's main board yesterday.

- AGENCIES