Century City plunges 25.4pc to 5 HK cents
Century City International Holdings yesterday saw its shares plunge 25.37 per cent to 5 HK cents, the lowest in more than five years, after the company reported that its earnings slumped 66.6 per cent to HK$210.3 million in the first half of this year.
Shares of its subsidiaries also fell to five-year lows after disappointing interim results.
Paliburg Holdings dropped 4.44 per cent to 12.9 HK cents while Regal Hotels International ended the day at 24 HK cents, down 11.11 per cent.
Paliburg said interim results fell 74.6 per cent while Regal Hotels said profit for the period tumbled 76 per cent because last year's earnings were boosted by a special gain from the spin-off of five Regal hotel properties.
Castor Pang Wai-sun, the strategist at Sun Hung Kai Financial, yesterday attributed the stock drop mainly to the poor results and the companies' lack of growth potential, particularly amid the uncertain economic outlook.
