Computer disk-maker Hanny Holdings was poised to return to profitability this year after losing more than $700 million in the past two years, executive director Ken Cheung Kwok-wah said.
Hanny's performance had been enhanced significantly by strong sales of high-end computer products, such as digital video disks, he said.
The firm made an attributable loss of $156.27 million for the year to March, much lower than losses of $558.71 million in 1996. Mr Cheung said the loss stemmed from an exceptional write-off on fixed assets.
'Excluding the exceptional loss, we made an operating profit of $29 million for the first time in two years,' he said. He said no more exceptional losses would be incurred this year, but an exceptional gain of $170 million is due from the disposal of 10 per cent of its interest in Memtek.