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SCMP Reporter

PALADIN has reported a loss of $2.93 million for the six months to December 31, compared with a profit of $29,000 for the same period in 1992.

  Losses per share were 0.679 cent, against earnings per share of 0.007 cent previously.

  Turnover, mainly attributed to textiles trading and property rental income, fell 38.6 per cent to $72.2 million from $117.59 million.

  The group said it would renovate its biggest investment property, Bowen Hill Apartments, and tenancies would be renewed.

  It said Paladin would continue to identify favourable investment opportunities for property development and manufacturing in China.

  Paladin is controlled by mainland firm Jinchuan Non-Ferrous Metals Corp.

  Last year, the group said discussion had been held over a hydroelectric power plant project in Hubei province.

  It said it was to streamline its investments and to concentrate on developing manufacturing business which provided higher and stable return on investment.

  Paladin earlier announced that its proposed share placement, agreed to in December, to mainland firm Yeung Ming International Trading Co was cancelled because Yeung Ming could not obtain approval from mainland authorities.

  Paladin said its proposed redevelopment of properties on the Peak also would be scrapped.

  According to the original proposal, Paladin was to place 43 million shares, representing a 10 per cent stake, at 91 cents each to Yeung Ming.

    The net proceeds of the placement, amounting to $39.1 million, was to finance redevelopment of Paladin's properties at 10-12 Peak Road.



Paladin reports $2.9m interim loss