Wharf unit slides into red

PUBLISHED : Tuesday, 12 March, 2002, 12:00am
UPDATED : Tuesday, 12 March, 2002, 12:00am

Harbour Centre Development reported a HK$113.1 million loss for the year to December 31 because of a HK$301.5 million provision for investment securities.

The result compared with a restated profit of HK$114.5 million for the preceding year.

The Wharf (Holdings) subsidiary said the HK$301.5 million charge included HK$274.2 million provided against the investment securities revaluation reserve in previous years.

The charge was made in accordance with accounting policies after the fair value of certain securities had been below original cost for more than three years.

Loss per share was 36 HK cents for last year, compared with earnings per share of 36 HK cents previously. The company will pay a final dividend of 12 HK cents per share, making a total payout of 17 HK cents for the year, unchanged from a year earlier.

Operating profit was HK$161.9 million from HK$158.7 million previously. The company said the attacks in the United States last year had hit hotel occupancy. Operating profit for the hotel segment was down 11 per cent.


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