Richina Pacific Limited has announced a first half unaudited net profit of US$4.38 million, 84% above the net profit of $2.38 million reported for the first half of 2004. Total revenue was $244 million, representing an increase of 32% over last year’s total revenue of $184 million for the same period.

These increases reflected the first full period of operations of Shanghai Leather Co, Ltd (SLC), the former State-owned enterprise that Richina Pacific acquired at the end of 2004.

China-based Richina Industries posted a positive result of $4.87 million, which was ahead of budget. The shoe division’s performance was stable, in the automotive division, the anticipated orders from GSTAutoLeather have only recently begun to materialise, resulting in a six-month delay on forecasts, and the ovine garment leather operations continued to improve. The upholstery division continued to suffer losses, and this operation is in the process of being totally reorganised.

Richina Industries comprises a range of manufacturing businesses. A major focus is in leather and leather-related products, including the tanning of leather for shoe, garment, upholstery and automotive uses, and the manufacture of leather chemicals.