BIH hits investors with profit warning
Birmingham International Holdings (BIH), the investment firm of jailed businessman and former football team owner Carson Yeung Ka-sing, has warned investors to expect a significant loss for the year ended June 30.
The loss was mainly caused by a fall in revenue generated from the company’s principal business and a decrease in profit generated from sales of players’ registrations, the company said in a statement.
Unaudited management accounts for the year to June show revenue down by about 17 per cent and the net loss attributable to shareholders up about 20 per cent.
Last year, the company posted turnover of HK$294.5 million and made a loss of HK$120.59 million.
The company said figures had yet to take into account any potential increase or decrease in the value of outstanding convertible bonds issued with a principal of HK$358.5 million.
A review by the company and its auditors could affect the net loss materially, the statement said.
BIH was once chaired by Yeung, who was sentenced to six years in prison in March for laundering HK$721 million through five Hong Kong bank accounts between 2001 and 2007. Yeung has resigned from all his positions with Birmingham City.
The 53-year-old former hairdresser bought the soccer club in 2009 for HK$731 million. But two years later the club, was relegated from the English Premier League and later that year Yeung was arrested for money laundering.