China Overseas Land & Investment has reported its second full-year loss after making HK$1.15 billion in provisions for property projects.
The net loss for the year to December 31 was HK$471.82 million, down from HK$925.32 million a year earlier.
Turnover dropped 34 per cent to HK$3.59 billion while profit from ordinary activities before provisions and losses on investments plunged 69 per cent to HK$342.82 million.
Details of the property provisions were not disclosed. A HK$44 million provision was also made for an investment in Ryoden Development. No dividend was recommended for the year.
Chairman Sun Wenjie said the provisions should mark the completion of a key task in the company's 'adjustment period'. It was now steering in a healthy direction.
Mr Sun said telecommunications arm China Digital satNet would seek a listing on Nasdaq in the United States or the Growth Enterprise Market.
It was negotiating with potential investors for partnerships or capital investment.
