Red chip Top Glory International Holdings has posted a loss of about HK$688.91 million for the half-year to June 30, compared with a profit of HK$45.46 million a year earlier. The company attributed the loss to dilution of its investment in sister red chip Cofco International and provisions for property investments. Turnover fell to HK$859 million from HK$1.04 billion from a year earlier. Top Glory, the property investment flagship of China's state-owned food trading giant China National Cereals, Oils & Foodstuffs Import & Export (Cofco) group, recorded a HK$160.16 million loss after a sizeable asset injection into Cofco International from its parent earlier this year. In the asset restructuring, Cofco International paid HK$1.1 billion for edible oil refineries and wineries by issuing new shares to the parent at HK$1.60 each, a considerable discount from the book value of about HK$2.30 a share. Top Glory's stake in Cofco International was reduced to 21.85 per cent from 51.13 per cent. Vice-chairman Xue Guoping said the company booked the loss in line with accounting standards and had nothing to do with its operations. Top Glory also made provisions of HK$570.81 million for its property investments in the mainland and the SAR. Mr Xue said the company could have booked an operating profit of HK$60 million in the first half if the provisions were excluded. The company has also accordingly reduced the par value of its share to 10 HK cents from HK$1. Loss per share was 25.7 HK cents against earnings per share of 1.7 HK cents a year earlier. No interim dividend will be paid. Food and beverage arm Cofco International posted a 46 per cent gain in net profit to HK$80.95 million in the first six months to June 30. Turnover rose to HK$1.64 billion from HK$717.72 million a year earlier. Earnings per share were 9.5 HK cents, up from 8.4 HK cents previously. An interim dividend of four HK cents will be paid.