Shun Tak Holdings

Little cheer for Shun Tak as net falls 31pc

PUBLISHED : Friday, 30 August, 1996, 12:00am
UPDATED : Friday, 30 August, 1996, 12:00am

Hotel operations in Macau and restaurant business were about the only bright spots for Stanley Ho Hung-sun as Shun Tak Holdings registered a 31 per cent drop in net profit to $178.5 million for the six months to June 30.

The company said yesterday there had been zero growth in jetfoil traffic between Hong Kong and Macau.

Although the anticipated increase in passenger traffic failed to materialise, the company managed to increase its share of the traffic by 17 per cent, it said.

While jetfoil operations continued to yield a healthy return, the company said it was revising its strategy and would lay up two older vessels to reduce costs and excess capacity.

The company was studying ways of creating friendlier, safer and more functional jetfoil cabin interiors to meet passenger requirements, as well as introducing improved catering services.

Company officials said they would be exploring the fast-growing China services to boost revenues.

The group's hotel operations boosted pre-tax profit 36 per cent.

At the Aberdeen Floating Restaurant, in which Shun Tak has a majority stake, profit before tax rose 57 per cent.