The market pummelled civil engineering and property group China Rich Holdings after it turned in a loss in the half to January 31. Its share price yesterday fell 8 per cent, to 11.5 HK cents. Meanwhile, Fujian-based property developer Dong Jian Tech.Com Holdings also saw its value trimmed after posting a loss for last year. Its share price fell 7.14 per cent to 39 HK cents. China Rich's HK$28.7 million net loss in the first half compared with a net profit of HK$7.51 million a year earlier. It had no exceptional gains, whereas a year earlier it had a one-time realisation of HK$44.74 million from the partial disposal of its holding in Internet services provider Outblaze. Excluding contributions from its associates as well as the Outblaze disposal, its operating loss widened to HK$20 million in the first half from HK$6 million due to higher administration expenses. Total administration expenses grew to HK$38.43 million in the first half from HK$26.45 million in the first half last year. Turnover dropped 9.7 per cent year on year to HK$135.35 million. Dong Jian, meanwhile, reported a net loss of HK$64.45 million for the year to December 31, against a 1999 profit of HK$16.14 million. The company attributed last year's loss to the weak demand for commercial buildings in the provincial capital Fuzhou, provisions for doubtful debts and low realisable values on properties. Turnover last year shrank to HK$32.56 million, down 71.6 per cent from HK$114.68 million the previous year. The company lost 26 HK cents per share, against earnings per share of eight HK cents previously.
