Cheung Wah in the red

Cheung Wah Development Co has plunged into the red with net losses of $8.35 million for the year to March 31.

This compared with $44.9 million profit for the last corresponding period, boosted by an exceptional $55.5 million gain from a property sale.

The company told the stock exchange yesterday that there was no exceptional gain made under the period under review.

Cheung Wah, with interests in dyeing, garment manufacturing and property investment, recorded turnover of $280.67 million, down 15.9 per cent from $334.12 million a year ago.

Losses per share were 1.4 cents, compared with per-share earnings of 7.5 cents in the same period last year.

The directors did not recommend a final dividend.