ANKOR Group, the locally-listed Saab dealership, has reported a loss of $46.29 million for 1994, hit by new taxes and consumer malaise.
The loss compared with 1993 profits of $103.35 million and was blamed on uncertainty in local car markets due to the introduction of a revised system of new registration tax.
A total of 81 per cent of the losses came as Ankor tried to build sales of its new Opel franchise in a declining market.
Turnover was down by 24 per cent in 1994 compared with 1993.
The loss per share was 5.9 cents and a final dividend of one cent a share declared.
Ankor chairman Christer Agell said: 'Sales of Opel and Saab cars in Hong Kong were far below expectations and were affected by the uncertainty which emerged prior to the introduction of the new system of first registration tax on August 1 1994.' He said competition in lower and middle-price segments continued to be intense on the back of contracting demand since the tax was unveiled.
