Investments hurt Strategic

PUBLISHED : Monday, 25 May, 1998, 12:00am
UPDATED : Monday, 25 May, 1998, 12:00am

China play China Strategic Holdings bled red ink with a loss of $52.96 million for the year to December after booking a $97.20 million provision for the decline in value of listed investments.

It also shared an $88.32 million loss in unconsolidated results of telecommunications subsidiaries, which were at an early development stage.

The full year result compared with net profit of $239.04 million a year earlier. Turnover edged up 2.3 per cent to $3.86 billion.

Basic loss-per-share was 1.42 cents, against the previous year's 7.36 cents earnings.

No dividend will be paid.

It saw a 35 per cent rise in operating profit to $142.86 million, dragged down by a $58.18 million net exceptional loss.