Shipping and transportation company Jinhui Holdings is to hold back on investment and expansion after suffering substantial losses last year.
After the company's annual meeting, director Peter So Wing Hung said: 'At the moment it is inevitable we are having losses - the big drop in the market is not something we can control. Now we are keeping stable and are cautious about expansion.' Chairman Ng Siu-fai said any further investment in toll roads in the mainland would wait until the return rate had stabilised.
He said Jinhui was also looking for more opportunities to increase exports of coke products to the United States.
The company made an attributable loss of $51.93 million in the year to December compared with a $52.42 million profit in 1996. No dividend was recommended.
Mr Ng said the situation this year had improved from the latter half of last year. Jinhui holds cash of US$20 million, he said, with a gearing of less than 1 per cent.
