Guoco Group saw profit plunge 82.65 per cent
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.