Store operator sees its loss widen by 50pc

PUBLISHED : Friday, 17 November, 2000, 12:00am
UPDATED : Friday, 17 November, 2000, 12:00am

Department-store operator Sincere's business deteriorated in the six months to August 31, with the company's loss increasing more than 50 per cent.

The company posted a net loss of HK$70.27 million for the period, up from HK$46.25 million in the same period last year.

Turnover was down 62.57 per cent to HK$205 million from HK$547.78 million previously.

Loss per share was 12.24 HK cents. No dividend was declared.

Sincere operates two big stores and three speciality shops in Hong Kong. The company is also involved in property investment in Britain and the mainland.

The downturn in the SAR retail market led to the company making losses in past two years.

Given the losses, doubts were cast in August on Sincere's decision to increase payments to its three executive directors by 5 per cent to HK$22.15 million in the year to February.

The payments, which included salaries, allowances and bonuses, came close to the HK$26.47 million loss the company recorded in the year.