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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up? -- Ignore unavailable to you. Want to Upgrade?

To: fut_trade who wrote (1739)	3/4/1999 1:30:00 AM
From: fut_trade	Respond to of 3902

HK and Shanghai Hotels posts hefty 98 provisions HONG KONG, March 4 (Reuters) - Hongkong and Shanghai hotels Ltd on Thursday reported a net loss of HK$1.82 billion as a result of provisions totalling HK$2.64 billion against the value of existing investments and continuing projects. The hotel and property group also said the provisions reflected revaluation adjustments in excess of relevant existing revaluation reserves. The 1998 net loss compared with a 1997 net profit of HK$114 million, which included an exceptional loss of HK$565 million, it said in a statement. The company said it had a 1998 operating profit, before exceptional items, financing charges, taxes, minority interests and losses of associated companies, of HK$766 million versus HK$1.05 billion in 1997. ''To have made a reasonable operating profit in the prevailing 1998 economic climate was an achievement in itself,'' company chairman Michael Kadoorie said in the statement. ''There is no disguising our disappointment, therefore, at the results that have been mainly driven by asset revaluation which we are treating as an exceptional item,'' he added. The company said it would not pay a final dividend for 1998, keeping the full year dividend at HK$0.05 per share compared with HK$0.38 for 1997. -- Hong Kong Newsroom (852) 2843 6369; Fax (852) 2845 0636 -- Email: hongkong.newsroom@reuters.com