Hing Kong profit takes battering

Hing Kong Holdings' profit in the six months to June 30 dropped 44.78 per cent from a year earlier to HK$13.9 million, despite a huge increase in turnover.

Turnover jumped to HK$214.56 million against HK$29.55 million a year ago.

Basic earnings per share were 0.9 HK cent compared with 2.3 HK cents a year earlier. No interim dividend was given.

Hing Kong is engaged in property development and information technology business in Hong Kong and the mainland.

It has a 95 per cent stake in Shenzhen CyberCity International.

Managing director Albert Chow Nin-mow said that there would be an upturn for the local property market in the next two years.