NEW listing Hoi Sing Holdings is blaming the airport row for a 69.7 per cent plunge in profits to $3.84 million from $12.65 million for the six months to September.
The construction firm's results follow disappointing interims from two other newly listed companies, Styland Holdings, which went into the red, and Topstyle International, whose profit fell to $4 million.
Hoi Sing, listed in February, had posted a profit of $26.3 million for the year to last March, slightly above its forecast profit of no less than $25 million and nearly three times the $8.9 million posted in the previous year.
For the period under review, Hoi Sing saw turnover rise by 40.4 per cent to $121.5 million from $86.5 million in the same period last year.
Earnings per share were 1.8 cents. The directors recommended an interim dividend of 1.6 cents.
Chairman Charm Hoi-sang said yesterday the company was unable to book potential earnings from a number of recently begun contracts.
