Upmarket fashion retailer Joyce Boutique Holdings is likely to remain loss-making until at least 2000, chairman Walter Ma King-wah said. Joyce suffered a $207.23 million net loss in the year to March against a $30.2 million net profit the previous year. The loss stemmed from a combination of domestic sales downturn and over-expansion in the region, Mr Ma said. He said the company made a 'slight profit' in the three months to June, but remained concerned about its performance last month. 'The market has remained poor in the past two months and tourist arrivals are still subdued,' he said after the company's annual general meeting yesterday. The company's restaurants, which incurred an operating loss of almost $20 million last year, were likely to be loss-making this year amid the spending slump, he said. Mr Ma and his family - controlling 52.56 per cent of Joyce - have tightened their grip on the company with the appointment of daughter Adrienne Marie Ma as managing director. Ms Ma succeeded Roberto Dominici, joining a three-member board which includes her chief executive-mother Joyce Ma as well as Mr Ma. Mr Dominici became a consultant to the board. Mr Ma said: 'Family members care more about a family business than any outsiders.' As part of the company's cost restructuring aimed at saving up to $110 million expenses annually, he said the three executive directors had volunteered to cut their salaries by 10 per cent this year. 'We will try not to cut pay and sack any staff. But we will not rule out the possibility if the economy deteriorates further,' he said. Joyce has about 450 staff in Hong Kong, he said. Adrienne Marie Ma said Joyce had improved its debt ratio to less than 30 per cent from the peak of about 70 per cent in November last year.