Department store operator Sincere Co has posted a near 99 per cent plunge in attributable profit to $1.15 million in the year to February, showing it is one of the casualties of the continued caution overhanging the retail market.
The severity of the fall reflects the inclusion in the previous year's figure of a $276.28 million one-off gain, mainly from the sale of units at Sincere House in Mongkok.
Last year, exceptionals amounted to just $6.63 million, also earned on the previous year's sale.
Before the exceptional, the retailer and property developer remained in the red with an operating loss of $32.6 million.
That figure was a lot lower, however, than the $177.1 million operating loss incurred last time, an improvement aided by a 66.6 per cent rise in overall turnover to $978.43 million and tighter control over labour costs.
The final dividend has been halved to 3 cents. No interim was paid.
Executive chairman Walter Ma King-wah said directors would receive no bonus for the year, against the $6.9 million paid out in the previous year. Their total remuneration, however, would remain unchanged at $23 million.
