Global China Group Holdings returned to profit last year due to an exceptional gain from asset disposals.
The Charles Ho Tsu-kwok controlled company, which publishes Sing Tao Daily and The Standard, reported a profit of HK$152 million for last year, compared with a nine-month loss of HK$131 million in 2001.
The turnaround was helped by the sale of its commercial printing operations, disposal of a 74.5 per cent interest in Sing Tao Holdings and a writeback of provision.
Operating loss was HK$79 million, although the company made a HK$9.9 million profit from its core media business.
'Our media business had a significant turnaround last year,' chief executive Wong Wai-ming said.
Turnover from media operations was HK$899 million, about 82 per cent of the group's HK$1.09 billion turnover. The magazine division accounted for about 10 per cent of media turnover.
