Project sale puts Metro Pacific in the black
Metro Pacific Corp has returned to profit after three years of losses, thanks to the disposal of a money-losing property project, Fort Bonifacio, in the Philippines. The First Pacific subsidiary reported an unaudited interim profit of 93.9 million pesos (HK$13.3 million) for the first half, compared with a loss of 8.07 billion pesos last year. Metro Pacific recorded an exceptional gain for selling most of its stake in Bonifacio Land Capital, the management company for Fort Bonifacio.
Sars takes 93pc off Greencool earnings
Refrigerant maker Greencool Technology Holdings' net profit plunged 93.03 per cent year on year to five million yuan (HK$4.68 million) for the six months to June from 71.75 million yuan in the same period last year. The Growth Enterprise Market-listed company blamed the Sars outbreak for the poor results, saying supply contracts were either cancelled or delayed as customers stopped using central air-conditioning systems. Turnover dropped 72.85 per cent to 53.6 million yuan. No interim dividend will be paid.
Tax rebates drive Dongfang back to profit
H-share power generator-maker Dongfang Electrical Machinery posted a net profit of 5.74 million yuan for the first half, a significant turnaround from a net loss of 28.97 million yuan in the corresponding period last year. Government subsidies, primarily value-added tax rebates on its exports, accounted for 2.5 million yuan of the profit. Turnover surged 74.7 per cent to 440.43 million yuan, lifted by sales of equipment.