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Sung Foo Kee down 62.4pc

SUNG Foo Kee Holdings saw net profit fall 62.46 per cent to $30.76 million.

Managing director Lo Kai-shui blamed the poor results on the effect of political tensions in Hongkong on the construction industry, coupled with a reduction in government spending on construction projects.

An extraordinary item of $207.7 million in the accounts was the disposal of a subsidiary.