Guoco Land, which is 53.04 per cent owned by Guoco Group, reported a net loss of $105.37 million in the six months to December 31, compared with a profit the previous year of $29.73 million.
Exceptional losses of $75.01 million were recorded mainly because of a $72 million provision against the decline in value of more than 400 car parking spaces at South Horizons.
The company said it had changed its reporting period to fall in line with its parent. Results for the comparative period are for the six months to September 30, 1997.
The company owns a number of floors in The Center at 99 Queen's Road as well as being involved in property development in Wan Chai, Tsim Sha Tsui and the New Territories.
Operating profit tumbled to $5.75 million from $34.74 million while turnover dropped to $39.88 million from $70.2 million.
Losses per share totalled 42 cents versus earnings per share of 19 cents.
The directors decided no dividend would be declared.
Tsim Sha Tsui