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2009-1-2 10:11:00 a.m. HKT, XFNA
Hong Kong's K. Wah Intl warns of investment revaluation losses for 2008
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| HONG KONG (XFN-ASIA) - K. Wah International Holdings Ltd, a property deveoper and investor, said its 2008 results are expected to be adversely affected by revaluation losses on some investment holdings.
The group holds 162.5 mln shares -- representing approximately 4.13 pct of the issued share capital -- of Macau casino operator Galaxy Entertainment Group Ltd as non-current investment, the company said.
The developer said the fair value of its Galaxy holdings had dropped 1.019 mln hkd at the end of December 2008, of which an impairment loss of 667 mln hkd will be charged to the profit and loss statement, and 352 mln hkd will be charged against reserves in the balance sheet for the year.
This impairment charge has no effect on the cash flow for the group's operations and accordingly will not affect the core business of the group of property development and property investment in Hong Kong, Mainland China and Singapore, it said.
The company also said it believes its financial position remains sound and that it will weather the current difficult economic environment.
(1 usd = 7.8 hkd)
george.ng@xfn.com |
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