Gintian revises profits forecast

SHENZHEN-listed Gintian Industry has revised its projected performance for this financial year because of the Government's moves to cool the overheated economy.

Total turnover is expected to fall to one billion yuan (about HK$1.35 billion at the official rate) from an estimated 1.1 billion yuan. Group profit will be about 130 million yuan.

However, Gintian chairman Huang Hanqing assured shareholders that the company would not repeat the practice of other listed firms in delaying payment of dividends by issuing bonus shares.

''We will not do this sort of things to disappoint investors and fund managers,'' said Mr Huang.

He said the interim results of the company would be released in the middle of next month, but he refused to give details.

Gintian is engaged in five core businesses, including property development, high-technology industry, import and export, retail and commercial services, and textiles and garments.

Mr Huang said Gintian had to postpone sale of some mainland developments in response to the pessimistic mood prevailing in the market.

But he said projects in Shenzhen, Shanghai and Guangzhou would not be affected.

He said Gintian, with a 1.5 million sq metre land bank, would concentrate future developments on office buildings and residential units for domestic consumption.

Gintian yesterday opened a computer floppy disk production plant in the Nanshan district of Shenzhen.

With a total investment of US$8 million, the plant is equipped with disk production facilities from Japan with one semi-automatic and two fully automatic production lines.