Guoco Group saw profit plunge 82.65 per cent

PUBLISHED : Friday, 19 March, 1999, 12:00am
UPDATED : Friday, 19 March, 1999, 12:00am

Guoco Group, which owns 71.73 per cent of Dao Heng Bank, saw attributable profit plunge 82.65 per cent in the six months to December 31 to HK$62.92 million.

The drop reflected the downturn in Dao Heng's result as well the HK$105.37 million loss reported by 53.04 per cent-owned Guoco Land.

Turnover grew by a modest 6.58 per cent but operating profit dropped 69.12 per cent to HK$358.22 million.

Foreign-exchange losses, provisions for diminution in value of its properties and investments in an associated company contributed to a HK$104.92 million exceptional loss, which was charged against the bottom line profit.

Guoco said its 57.99 per cent owned Singapore-listed subsidiary First Capital Corp reported a 96 per cent drop in pretax profit to S$2.2 million (HK$9.88 million).

Guoco's earnings per share were 15 HK cents, down from 85 HK cents a year ago. Interim dividend was halved to 10 HK cents.


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