Tysan suffers property fall

Tysan Holdings suffered a loss of $255.46 million in the year to March 31 due to $296.97 million in provisions against property, receivables and investments in associates.

The company said it was the first time it had recorded a loss since the existing management took over in 1993. It recorded a profit of $27.12 million a year ago.

Tysan said the sharp downturn in the property market and the stagnant construction industry last year had eroded or wiped out its profit on many projects.

The value of its properties had also been adversely affected by the market decline, the company said.

No final dividend was recommended.

The firm's net asset value per share fell to 90 cents from $1.31 previously.