China Strategic books provision

PUBLISHED : Tuesday, 29 September, 1998, 12:00am
UPDATED : Tuesday, 29 September, 1998, 12:00am

Interim profits at China Strategic Holdings have plummeted 70 per cent after the company set aside $87.2 million for the diminution in value of investments. It made profits of $18.7 million in the six months to the end of June, compared with 63.4 million last year. Turnover rose to $2.27 billion. There will be no interim dividend. The company's 56.3 per cent owned subsidiary Star Telecom International Holdings recorded profits of 110.9 million down from $141.3 million last year. Turnover rose from $236 million to $409.7 million. It too will not pay a dividend.