Almost 20 main-board companies which announced annual results yesterday reported either a loss or a fall in profits. Some suffered as a result of huge write-offs for goodwill because of new accounting standards that require companies to capitalise goodwill as an asset and amortise it. Three companies under mainland steel giant Shougang Group reported deteriorating business last year. Hong Kong-listed flagship Shougang Concord International Enterprises saw its loss more than double to HK$607.37 million from HK$258.4 million a year ago. Turnover was down 12 per cent to HK$1.94 billion. The huge loss was mainly brought on by a HK$333.05 million loss for goodwill impairment. Other losses included HK$169 million for impairment of fixed assets and a HK$68.59 million bad-debt provision. Its 63 per cent-owned property arm, Shougang Concord Grand, sank into the red, reporting a HK$72.78 million loss compared with a profit of HK$4.35 million the previous year. Technology arm Shougang Concord Technology's loss increased 3.3 times to HK$62.7 million from HK$18.69 million previously. Cordless-phone manufacturer CCT Telecom suffered a goodwill loss similar to Shougang Group. It reported a loss of HK$685 million for last year because of a one-time provision of HK$609 million for the impairment loss of goodwill under the new accounting rule. Turnover increased 41.82 per cent to HK$3.1 billion, despite the company making an operating loss of HK$630 million. Associate Haier-CCT Holdings last year cut its loss 99.5 per cent to HK$5.03 million from HK$1.12 billion in 2000. Several companies, including Hong Kong Construction (Holdings), Internet firm i100 and satellite operator China Aerospace International Holdings, trimmed losses last year. Hong Kong Construction's loss was down 27 per cent to HK$836 million from HK$1.15 billion the year before while i100 trimmed its loss 10 per cent to HK$118.46 million. Thanks to reduced losses from associates, China Aerospace saw its loss shrink 27 per cent to HK$736.31 million from HK$1.01 billion previously. Meanwhile, other firms saw their losses widen substantially. While Haywood Investments recorded a 91.72 per cent decline in turnover to only HK$369,000, the investment firm's loss increased almost three times to HK$40.62 million. Health-product maker China Apollo Holdings lost HK$155.73 million last year, up 32 per cent from the previous year's HK$117.22 million, while turnover dropped almost 20 per cent to HK$127.15 million. Asia Logistics Technologies' loss rose 24 per cent to HK$24.35 million but turnover jumped six times to HK$62.8 million. Companies recording a fall in profit included H share Harbin Power Equipment and pharmaceutical company Pak Fah Yeow International. State-owned Harbin Power Equipment saw a 44.31 per cent decrease in profit to 21.77 million yuan (about HK$20.4 million), though turnover dropped only 5.5 per cent to 2.86 billion yuan. Chairman Geng Lei attributed the profit decrease partly to impairment provisions of 25.18 million yuan. Pak Fah Yeow saw profit plunge 88 per cent to HK$2.74 million from HK$23.78 million, while turnover declined 15 per cent to HK$79.03 million.