TNAG-2467-FCO40-3591-Economic-situation-in-Hong-Kong-1992 — Page 124

Hong sees red for first time

Hutchison Whampoa has reported a loss for the first time in its corporate history. The company posted a loss of HK$78 million (US$10 million) for the first six months this year, compared with a previous interim profit of HK$2.99 billion (US$383 million). Behind the plunge was a HK$1.42 billion (US$102 million) provision for Calgary-based Husky, which has been plagued for several years by low world oil and gas prices. Hutchison's loss also acted as a brake on its parent's results, as Cheung Kong reported only a 17.68 per cent increase in first half year net profits to HK$2.33 billion (US$299 million) from HK$1.98 billion (US$254 million) the previous year.

HK Electric posts HK$1.15b profit

Hongkong Electric Holdings has recorded a 23.1 per cent increase to HK$1.15 billion (US$147 million) in profit after tax and scheme of control transfers for the six months to June 30. The directors recommended paying an interim dividend of HK30 Cents (US$3.8 Cents) per share, an increase of 15 per cent over the corresponding period of 1991.

Sing Tao profits leap

Following a major restructuring, Sing Tao Holdings has announced a 56 per cent increase in operating profits from HK$258.2 million (US$33.10 million) to HK$403.2 million (US$51.69) for the year ending March 31. Overall profits attributable to shareholders amounted to HK$151.06 million (US$19.37 million) against previous losses of HK$64.32 million (US$8.25 million). Turnover was up nine per cent from HK$1.57 billion (US$201 million) to HK$1.71 billion (US$219 million). The company will pay a final dividend of 15 HK cents (1.9 US cents) compared with no dividend last year.

Bank of East Asia profits up

The Bank of East Asia (BEA) posted a 30.8 per cent increase in profits to HK$163 million (US$20.90 million) for the first half of 1992. One of three listed banks in the Hang Seng Index, BEA will pay an interim dividend ƒ 27.5 HK cents (3.52 US cents) per share.

Chia Tai profits up sharply

Chia Tai International, the property developer and fast food restaurant operator, which recently announced big plans for operations in China, has seen its profit attributable to shareholders rise nearly seven times in the year to March 31. Profit after tax was HK$20.7 million (US$2.65 million), compared with HK$3.04 million (US$0.39 million) last year. Turnover increased to HK$53.9 million (US$6.91 million) from HK$19.5 million (US$2.5 million). Earnings per share shot up to HK$6.45 (US$0.83) from HK$1.02 (US13 Cents).

Cafe de Coral to add 31 links to food chain

Cafe de Coral Holdings reported an 11.1 per cent rise in profits to HK$101.3 million (US$12.99 million) from HK$91.2 million (US$11.69 million) for the year ending March 1992, and announced plans to open 28 new fast food shops in Hong Kong and 3 in China.

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