Shougang Concord hit by $414m loss

PUBLISHED : Saturday, 22 May, 1999, 12:00am
UPDATED : Saturday, 22 May, 1999, 12:00am

Red chip Shougang Concord International, the listed flagship of mainland steel giant Shougang, has reported a record net loss of $414.34 million for the year to December 31, battered by provisions for bad debts and falling property values.

In 1997, it made a tiny profit of $2.09 million.

Shougang Corp subsidiary Shougang Concord Century also posted a net loss, while two other listed group members, Shougang Concord Grand and Shougang Concord Technology, reported falling profits.

Shougang International, which is involved in steel trading, shipping and property investment, yesterday said its sales plunged to $3.94 billion from $5.2 billion the previous year.

The loss per share was 23.2 cents compared with a gain of 0.1 cent. Directors did not declare any dividend.

Shougang Century, a minerals and metals trader, reported a net loss of $198.13 million, up from a $24.94 million loss the previous year.

Sales plunged to $1.01 billion, down from $1.33 billion. No dividend was declared.

Shougang Grand, a property developer, said its net profit dropped by 50 per cent to $20.21 million on sales of $41.54 million.

Earnings per share were 2.96 cents, compared with 5.96 cents the previous year. No dividend was declared, compared with one cent the previous year.

Shougang Technology, which makes telephones, said its net profits fell to $20.05 million from $27.34 million.