DYEING and finishing machinery company Fong's Industries posted a further decline in its performance with a loss of $5.22 million for the six months to September 30.
A year earlier, the company reported an interim profit of $2.91 million - less than one-tenth of the $33.82 million it made in the same period of 1993.
Chairman Fong Sou-lam blamed Beijing's credit tightening measures.
'The group's dyeing machine manufacturing business underwent [another] very difficult period,' he said. 'The main reason was the continuous implementation of the austerity programme in China.' Operating loss before exceptional items was $4.73 million against $3.13 million profit previously.
There was an exceptional loss of $2.64 million caused by redundancy payments to workers in Hong Kong who were laid off because of the transfer of production facilities to China.
Losses per share were 1.42 cents and the directors did not announce an interim dividend.
