Asset sell-offs save Hwa Kay Thai
HWA Kay Thai Holdings has reported a 44 per cent decline in attributable profit to $52.31 million for the six months to September 30, from $93.74 million a year earlier.
Gains on fixed-asset disposal saved the company from falling into the red in the period.
The company, with interests ranging from property development to restaurant operations and sportswear distribution, said operating losses in the period were $41.22 million, against operating profit of $6.95 million a year earlier.
Had it not been for exceptional gains of $74.43 million, mostly from gains on fixed assets disposals, Hwa Kai Thai would have been in the red. It saw exceptional gains of $78.5 million in the same period last year.
Turnover dropped 6.2 per cent to $387.85 million, from $413.76 million in the corresponding period.
Earnings per share were 5.7 cents on a fully diluted basis, down 37.3 per cent from 9.1 cents a year ago.
The directors did not recommend an interim dividend.
Last year, a two-cent dividend with scrip option was paid.