Losses at Paul Y Properties Group, now New World CyberBase, widened in year

Losses at Paul Y Properties Group, now New World CyberBase, widened in the year to March 31, suffering an attributable loss of $369.54 million against a loss of $249.26 million in the previous year.

The company blamed the Asian financial crisis for the slump, which led to an exceptional loss of $325.01 million which mostly covered provisions on its property investments and property revaluations.

Turnover dropped sharply to $51.47 million from $510.88 million as the company stopped consolidating contributions from Chuang's Consortium International after Paul Y sold its stake in October 1997.

Hopes of a turnaround have been pinned on high-technology ventures following the buying of multimedia business from New World Development in May for $300 million.