Not vested but I've very high regards for QLC..
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Guoco profit dives as investments slide
Mandy Lo
Guoco Group (0053) reported a 66 percent decline in net profit to HK$1.47 billion for the year ended June 30 on an 87 percent slump in principal investment contributions.
The global market downturn meant principal investments contributed HK$461 million to company profit compared to HK$3.5 billion last year.
Earnings per share were HK$4.52, versus HK$13.14 a year earlier, and Guoco declared a final dividend of HK$3, down from HK$3.30 in 2007.
Guoco posted other net loss of HK$703.1 million, compared to other net income of HK$2.33 billion, due to realized and unrealized investment losses of HK$1.47 billion. Last year it made an investment gain of HK$2.11 billion.
Operating profit of Guoco's Hong Kong business dropped almost 100 percent to HK$11.5 million from HK$3.42 billion, but UK operating profit rose more than 11-fold to HK$193.3 million.
Capital expenditure for the year more than doubled to HK$501.7 million from HK$227.5 million. UK capex doubled to HK$360 million and spending in China tripled to HK$133 million.
Turnover increased by 1 percent to HK$21.2 billion from HK$20.9 billion.
Non-investment securities sales revenue rose 26 percent to HK$8.6 billion from HK$6.8 billion, largely due to a 91 percent increase in property sales to HK$3.12 billion and 13 percent rise in hotel and gaming revenue to HK$3.7 billion.
Guoco closed at HK$81.50, up 1.3 percent.