Hongkong Macau slips in first half

HONGKONG Macau (Holdings) said profit slumped 72 per cent to $18.25 million in the six months to June 30. The company reported a profit of $65.64 million in the first half of last year.

Earnings per share dropped 74 per cent to 11.38 cents, compared with 44.41 cents last year.

Turnover dropped 86 per cent to $98.38 million, from $725.12 million.

An interim dividend of six cents payable on or before November 3 was declared.

During the year, the Plaza Canton Hotel underwent renovations which were finished in February. Since then, operating performance has improved and both room rates and occupancy have increased.

The group has encountered some difficulties with its Zhao Qing City residential project.