Digital HK profits fall despite Sars effect E-commerce solutions provider Digital Hong Kong posted a profit of HK$104,000 for the nine months to March, compared with HK$233,000 a year ago. Turnover dropped from HK$9.95 million to HK$7.27 million. The firm said the Sars outbreak had kept people at home, raising e-commerce awareness with increased use of Internet. It planned to launch an electronic exchang/410 4 Government-owned rail service operator Kowloon-Canton Railway Corp (KCRC) will launch its HK$1 billion bond issue on May 21. A spokeswoman confirmed that half of the bond would be sold to retail investors and the remainder to institutional investors. HSBC, which is handling the sale, has yet to determine the pricing, interest rate and tenor of the bonds. S&P slaps sell rating on Phoenix Satellite TV Standard & Poor's Equity Research is lowering its recommendation for Phoenix Satellite TV from 'avoid' to 'sell' on fears of a potential downside and the unexpected impact from Sars. The broadcaster's third-quarter net loss of HK$21 million was much wider than S&P's forecast loss of HK$11 million. The research firm had expanded the full-year forecast loss from HK$36 million to HK$77 million and reduced its net profit forecast for next year from HK$41 million to HK$11 million. Renren extends loss Internet portal Renren Holdings posted a widened net loss of HK$89.33 million last year, compared with HK$84.82 million the previous year. Revenue fell 5.4 per cent to HK$16.64 million. No final dividend was declared. Cash financial posts $10.14m loss for quarter Cash Financial Services Group has reported a net loss of HK$10.14 million for the three months to March, compared with $5.87 million in the previous quarter. Turnover fell from HK$58.81 million to HK$30.2 million. The company said the Iraq war and Sars had impacted consumer spending and investor sentiment. Centaline secures 30pc cut in rentals Centaline Property Agency has secured a 30 per cent rental cut for 54 of its 167 retail branches, saving HK$420,000 in monthly expenses, since the Sars outbreak. Executive director Louis Chan Wing-kit said small landlords were more sympathetic in rent concessions while developers or large landlords were offering cuts of about 10 per cent. Jiangsu to widen expressway Jiangsu Expressway said it would widen the Jaingsu section of Shanghai-Nanjing Expressway. It planned to expand the expressway into an eight-lane dual carriageway by building two additional lanes beside the existing road shoulders. The work will commence later this year and be completed by 2006.