SCMP Group, the publisher of the South China Morning Post, yesterday issued a warning that its profit would be adversely affected by the outbreak of Sars. The group said subscription sales of the South China Morning Post and the Sunday Morning Post to hotels and airlines had fallen 'significantly' and that advertising revenue for the period from April 1 to May 11 was down about 30 per cent compared with the same period last year. Management said it could not quantify the potential impact on the results for the first half of the year, but it was taking 'active measures' to cut expenditure and control costs.
Shui On Construction's balance of advances rises
Shui On Construction and Materials said the aggregate balance of the advances provided to a jointly controlled cement unit TH Industrial Management rose to HK$554 million as of April 30. This represented about 44 per cent of the unaudited net assets value of HK$1.25 billion as at September 30 last year. In the six months to September 30, total advances to TH Industrial Management were HK$356 million, representing 27.7 per cent of its net assets. The increment exceeded 10 per cent of the group's unaudited net assets and it was required to disclose it under the Hong Kong exchange rules.
Lee's Pharmaceutical posts HK$1.7m loss
Growth Enterprise Market-listed Lee's Pharmaceutical Holdings posted a loss of HK$1.7 million from operations in the first quarter ended March. The group's unaudited consolidated turnover for the three months was HK$3.2 million, representing a 22.6 per cent increase from the same period last year.
Sino Hotels claims Sars will damage gains
Sino Hotels (Holdings) says its results are expected to be adversely affected by the widespread impact of the Sars outbreak in Hong Kong. The company said it had seen a significant decline in occupancy rates of its hotels compared with the same period last year and would continue to make efforts to reduce costs and expenditure. It said shareholders and investors should exercise caution when dealing in the shares of the company.