Yoshiya falls into the red

YOSHIYA International Corp has reported a loss of $18.29 million for the six months to January 31, compared with a profit of $1.5 million recorded in the same period last year.

Loss per share was 9.47 cents, compared with earnings of 0.93 cent previously.

Company secretary Paul Fok Hei-yuen said the operating loss of $14.91 million was mainly caused by disappointing performance of the Nagoya ice-cream factory and provision of employees' provident fund.

''After provision of $2.86 million tax and share of loss of minority interests of $1.35 million, the loss attributable to shareholders amounts to $18.29 million,'' he said.

Mr Fok said property development projects in China progressed steadily and construction of the Nanjing office and residential complex would start next month.

Another project in Wuhan with 9,800 sq metres of low-cost flats would be completed in June.