ORIENT Overseas (International) has reported a 9.3 per cent rise in profit to US$7.79 million (about HK$60.76 million) for last year. However, an extraordinary loss of $6.26 million reduced profit attributable to shareholders to $1.53 million. The company said yesterday its core liner business was adversely affected by the economic slowdown in its major markets and by the weakness of the US dollar. Loss per share was 0.4 cent, against 0.6 cent previously. No dividend was recommended. The company said additional costs were incurred in the first half of the year as a result of the one-time implementation and the phasing-in costs of slot-sharing arrangements with American President Lines. Looking ahead, company chairman C.H. Tung said this year there would only be a slight improvement in the depressed trading conditions which persisted throughout last year. Meanwhile, Orient Overseas plans to participate in a property development in Beijing with unnamed parties at a total investment in 1993 of up to US$40 million. The firm will take up to 36 per cent of a joint venture company, Hui Xian Investment, whose initial capitalisation will be US$15 million, to develop 65,000 square metres of retail and commercial space in the Wangfujing district.
