Directors of Englong International, which is seeking to restructure to solve its liquidity problems, said last night the property developer's losses widened last year to $258.36 million compared with $33.95 million previously.
The loss was incurred after an exceptional charge of $278.9 million arising mainly from a deficit of $255.9 million on the revaluation of investment properties and properties under development.
Another $14 million in provisions were made for doubtful debts while $9 million in provisions relate to a loan receivable.
Englong said last week it was suffering cash-flow difficulties and was drawing up a plan which might involve the sale of properties and a potential placement of shares to outside investors.
Turnover slumped from $107.7 million to $24.8 million reflecting the sale last year of six textile garment manufacturing subsidiaries. No final dividend was declared.
