HKR International has gained a strong strategic ally with the sale of half of its interest in the Discovery Bay development on Lantau Island to CITIC Pacific.
Analysts said the group had successfully exploited the Discovery Bay site as far as it could go for the time being, without a major development or change in direction. CITIC Pacific's purchase could well be the major development HKR needed.
The group announced a 45.2 per cent tumble in net profit to $28.5 million for the six months to September 30 last year, down from $52.1 million a year earlier.
For calendar 1993, HKR showed a net profit of $185.3 million, with earnings per share at 22 cents.
In the year to March 31, Estimate Directory market consensus forecasts indicate net profit of $450 million, up 143 per cent on the previous year. Earnings per share is expected at 53 cents, up 141 per cent.
In 1995, net profit is expected to be $936.6 million, up 108 per cent, with earnings per share at $1.11, up 108 per cent.
Hong Kong Resort Co was incorporated on May 25, 1973, to serve as a Discovery Bay development vehicle.
