GULF RESOURCES <GRE> SEES 1ST QTR PRETAX PROFIT
Gulf Resources and Chemical Corp said
the sale of its stake in <Imperial Continental Gas Association>
will result in a pre-tax profit of about 44.1 mln dlrs or 4.69
dlrs per share, fully duliuted, in the first quarter of 1987.
    Gulf said it sold its remaining stake in Imperial of 
6,631,222 shares and 100,000 units of loan stock for 74.8 mln
dlrs, based on an exchange rate of one pound sterling at 1.58
dlr. As previously reported, it sold 9,534,633 of its Imperial
shares on March nine.
    Gulf said the sale of the Imperial shares were accepted as
part of a recent tender offer made by <Groupe Bruxelles Lambert
S.A.> and <Tractebel S.A.>.
    Under the terms of the offer, Gulf said it is entitled to
receive a supplementary payment if a general offer to acquire
Imperial Continental or its Calor Group or Contibel Holdings
becomes wholly unconditional before Jan 1, 1988 at a price
above the tender off of 710 pence per share.
   
 Reuter
