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Weak performance for ITC firms

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Three firms controlled by controversial acquisition maker Charles Chan Kwok-keung have posted substantially weaker interim results, hurt by investment losses and the weak construction market.

Mr Chan's flagship investment holding firm ITC yesterday unveiled a net loss of HK$99.2 million in the six months to September 30, much worse than a loss of HK$6.95 million last year. Turnover fell 41.68 per cent to HK$13.72 million, mainly because of a decrease in interest income.

Its bottom line was hit by a HK$16.81 million impairment loss recognised on investment securities, which had been received by the company as repayment of a shareholder's loan advanced to an associate. A HK$67.76 million loss at associate companies also added to the losses.

The associates included entertainment firm Star East Holdings and media firm M Channel.

ITC subsidiary Paul Y ITC Construction Holdings reported a net loss of HK$31.77 million in the half-year to September 30, compared with a profit of HK$55.26 million last year.

Turnover fell 19.03 per cent year on year to HK$1.98 billion amid fierce competition in a market hurt by a weak economy and a cut in subsidised housing projects.

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