Company Accounting Change

Leefung-Asco profit dives

PUBLISHED : Friday, 31 August, 2001, 12:00am
UPDATED : Friday, 31 August, 2001, 12:00am

First-half profit for Leefung-Asco Printers Holdings fell a year-on-year 95 per cent to HK$559,000. The firm said that, due to a change in accounting policy, impairment losses in respect of unamortised carrying balances were charged to its income statement. Turnover fell 16.58 per cent to HK$499.61 million as demand in the United States waned and competition heated up at home. Profit from operations was HK$24.77 million from HK$50.68 million previously.