ITC, a civil engineering, contracting and investment group, has seen its three locally listed arms record either falling profits or losses last year. The flagship ITC Corp, which holds about 40 per cent of Paul Y-ITC Construction Holdings, made a $37.6 million loss for the 15-month period to the end of March. Turnover was $273 million. The company recorded an exceptional loss of $191 million, the bulk attributed to the net loss arising from the partial disposal of an associate. The company also proposed a capital reorganisation under which paid-up ordinary shares would be reduced in value from 10 cents each to half a cent. Every 20 non-issued and issued shares would then be consolidated into one share of 10 cents each. A final dividend of one cent per consolidated share will be paid. Paul Y-ITC Construction Holdings saw net profit for the year to the end of March fall by 31 per cent to $209 million. The company's results were pulled down by an exceptional write-down of $219 million, after making $178 million in provisions for falling value of property it owns and $40.9 million of provisions for securities losses. The final dividend was cut to one cent against 6.8 cents last year. It too announced a capital restructuring exercise. Paul Y Properties group - 74.2 per cent held by Paul Y-ITC Construction - made a $249 million loss after a $54 million profit a year earlier. No final dividend was recommended.
