Property investment and development company Shougang Concord Grand (Group) is considering buying property interests from its parent Shougang Corp, chairman Zhang Yanlin said.
He made the announcement after reporting a 21 per cent drop in the company's net profit to $31 million for the six months to June due to an absence of exceptional gains.
Turnover rose 4 per cent to $42.3 million and operating profit before exceptional items jumped 29 per cent to $33 million. During the previous period it recorded $15.7 million of exceptional foreign exchange gain on translation of convertible notes.
Earnings per share were 4.64 cents, down from 5.88 cents.
An interim dividend of one cent per share was proposed.
Mr Zhang said the significant increase in operating profit before exceptional items was mainly the result of property sales in Hong Kong.
