PROFITS at HG Metal Manufacturing have rocketed from $5 million to $13.7 million for the year to Sept 30.

This was achieved on the back of a 6.4 per cent rise in turnover to $362.8 million.

Earnings per share were 7.77 cents, up from 3.15 cents. Net asset value per share was 32.22 cents, up from 28.47 cents.

A dividend of four cents a share has been recommended.

The firm is also proposing to issue two rights shares to investors for every five shares they own. The rights shares are priced at 20 cents apiece, less than half Wednesday's closing price of 46.5 cents.