Property leasing and hotel investment firm Magnificent Estates has announced a 3.77 per cent net loss for the year to March 31, 1996, despite a 39.8 per cent increase in turnover.
The company blamed the loss on having no exceptional profits compared with an exceptional gain of $17.9 million last year.
The company said last night its Ramada Hotel Kowloon continued to enjoy a high occupancy rate of more than 93 per cent. Its 50 per cent-owned Shun Ho Tower in Central remained fully leased and a shopping podium in Wellington Street, Central, acquired this year was being refurbished, it said.
The group said investments in China and Hong Kong would ensure continued growth.
Earnings per share were 2.21 cents, compared with 2.29 cents a share last year.
