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SCMP Reporter

AFTER posting a $15.28 million loss in fiscal 1993, Far East Hotels and Entertainment said yesterday it had managed to sneak into the black for the six months to September 30, 1993.

  The company, which owns the Lai Chi Kok Amusement Park and Sung Dynasty Village, posted profits of $603,000 compared with a loss of $4.9 million for the same period a year earlier.

  Earnings per share were 0.1 cent compared with a loss per share of 1.1 cents, while turnover climbed 39.7 per cent to $104.6 million from $74.8 million. Directors recommended that no interim dividend be paid.

  Far East said local operations faced a loss of $4.5 million, primarily due to a decline in its theatre business and closure of a game-booth centre.

  The company's share of losses in its overseas associated firms was sharply reduced with the sale of its remaining 50 per cent stake in Hamsher International, the holding company of the Dallas Grand Hotel, in April.

  Hamsher was sold to Far East Consortium for $70.8 million, which was met by the issue of 43.4 million shares of Far East Consortium at $1.40 each and $10 million in cash.

  Far East said yesterday it would go ahead with plans to change its name to Far East Enterprises International, to be incorporated in the Cayman Islands.

  Consortium shareholders will receive one share of Far East Enterprises for each share currently held.

   When the plan was announced in June, the proposed exchange ratio was five for one.

  Last month, Far East and two wholly owned subsidiaries entered agreements with Cheung Kong to form a joint venture to redevelop the Sung Dynasty Village amusement park into a commercial and residential property.

    The joint venture will buy the property for $480 million. Far East said Cheung Kong's expertise in project management would enhance value of the 360,000 sq ft development.

  Despite Far East's disappointing financial performance over the past 18 months, investors have raised its share price by 339.8 per cent in the past year, to $2.375 from 54 cents.



Far East Hotels back in the black