Tai Cheung profit dips

TAI Cheung Holdings has reported an attributable profit of $878.8 million for the year to March, down from $1.05 billion in the previous year.

Turnover more than halved to $694.6 million, from $1.52 billion and earnings per share fell to $1.42 from $1.70.

Directors said they were recommending a final dividend of 24 cents a share, bringing the total dividend to 42 cents a share.

They blamed the lower earnings on a downturn in the property market as a result of government moves to curb speculators.

However, the market had consolidated and was expected to experience a gradual recovery and the government was unlikely 'to interfere further with the property market', they said.