Akai posts record loss at US$1.72b

Akai Holdings sustained a US$1.72 billion loss in the year to January 31, the largest ever in Hong Kong's corporate history.

Last year, the parent company of Japan-based Akai Electronics had a loss of US$71.8 million.

The maker of consumer electronics said yesterday revenue in the period plunged 65.8 per cent from a year earlier to US$28.1 million.

It had a per-share loss of HK$6.47, up sharply from 31 HK cents a year ago.

The previous record loss was set by Lai Sun Development in the year to June 30, 1999, at HK$6.83 billion.

Akai Holdings' share price dropped 17.4 per cent yesterday to finish at 5.2 HK cents on news of the loss, brokers said.