Goldlion Holdings, whose chairman Tsang Hin-chi is reported to be in a stable condition after a new kidney he received in October was removed in an operation in the mainland, yesterday reported $228 million in attributable losses for the six months to June.
At the operating level the group achieved a profit of $24.48 million, down 88 per cent from $202.44 million a year ago.
It was forced to make a $250.35 million provision against slow-moving items in its inventory, pushing bottom-line profit into the red.
Turnover for the period dropped 41 per cent to $339.68 million. Loss per share was 26.1 cents, against earnings of 19.2 cents per share previously. No interim dividend will be paid.
The company said yesterday Mr Tsang's condition had stabilised. He is undergoing medical treatment in Zhongshan Hospital in Guangdong.
Shares in Goldlion dropped 8 cents or 10.52 per cent to 68 cents yesterday.