Luks expects 30pc rise in sales to ease losses

PUBLISHED : Wednesday, 24 June, 1998, 12:00am
UPDATED : Wednesday, 24 June, 1998, 12:00am

Electronic parts and television-maker Luks Industrial expects sales to jump 30 per cent in the first half of this financial year against last year.

The company said it hoped losses would narrow 30 per cent over the same period.

In the year to December, Luks reported a net loss of $188 million on turnover of $177 million.

Its main electronics arm reported a loss of $54 million from $166 million in sales.

After the company's annual meeting, chairman Luk King-tin said Luks would continue selling assets to cut its debt load.

The company has net current liabilities of $527 million, including almost $200 million owed to Mr Luk.

The company holds about $30 million in cash, most of it raised in the first half of this year from property sales on the mainland.

Mr Wong said the company's problems have also been compounded by the pulling of some trade lines by its bankers.