EMPEROR International Holdings, Emperor (China Concept) Investments and Hong Kong Daily News Holdings have reported lower interim net profits. The group holding company, Emperor, saw its profit fall five per cent to $154.48 million in the six months to September. However, turnover was up 77 per cent to $1.02 billion, from $577 million in the corresponding period last year. The main reason for the increase in turnover was the sale of Emperor House in Central, but no reason was given for the fall in profit. Fully diluted earnings per share were 71.5 cents, down from 91.7 cents in the previous period. The dividend per share was slashed from 30 cents to seven cents. Results at Emperor China were more disappointing. Profit fell 99 per cent to $890,000 from $72.97 million in the previous period. Turnover dropped to $30.2 million from $358.42 million. Earnings per share plunged from 27.23 cents to 0.29 cent, and no dividend will be paid. The decrease in profit and turnover was attributed to the drop in income from the sale of property, because none of its developments had been completed during the six months. In August the company acquired a 246,081 square foot site in Shanghai which it planned to develop into a commercial and office complex. Hong Kong Daily News slipped into the red with a loss of $47.51 million for the interim period. In the corresponding period last year, it made a profit of $23.45 million. Turnover was up 14 per cent to $193.44 million, compared with $168.44 million previously. Loss per share was 18.02 cents, compared with earnings per share of 10.01 cents a year earlier. No dividend was declared. The company said the loss was a result of a one-off exceptional provision for writing off an investment in China and the decline in value of securities owned by the firm.
