Parkview turns into black in first half

THE Hong Kong Parkview Group has changed its fortune for the first six months to September, posting profits of $100.8 million from a loss of $590,069 in the same period last year.

An interim dividend of 10 cents per share will be paid in view of the better performance.

The company said the change of fortune was due mainly to the continuing sales of units in Towers 10 and 11 at Hong Kong Parkview.

These sales, combined with a leased occupancy rate exceeding 95 per cent, meant that revenue generated had resulted in a good profit for the period, the company said.

Chairman and managing director George Wong Kin-wah said: ''The group's policy of the sustained but gradual establishment of a diversified core base of operations had begun to bear fruit, with profits being recorded in both the property and transport division.

''Over the forthcoming six to 12 months it is envisaged that the group will see various new projects come on stream.'' For the period under review, the company has signed up a joint venture with China Travel Services (Hong Kong) on Shenzhen ferry operations.

And the group was expecting both an acceptable level of sales and a high rate of occupancy to occur in the second half of the financial year.

For the period under review, the group recorded earnings per share of 22.60 cents, against a loss of 0.39 of a cent per share.