Seaport Enterprise (00051.HK) announced its interim results for the year to the end of June this year, with a turnover of 1.813 billion yuan, an increase of 177.2% year-on-year. The loss narrowed to 104 million yuan, compared with a loss of 1.281 billion yuan per share in the same period last year. No dividend.

During the period, operating profit increased to $142 million from $11 million in the same period last year, mainly due to the recognition of sales of development properties. The basic net loss was 29 million yuan, compared with a profit of 171 million yuan in the same period last year. If the hotel revaluation impairment provision and investment property revaluation loss are taken into account, the loss is $104 million, which is smaller than the loss of $1.281 billion in the same period last year.

In the first half of the year, hotel business income increased from 139 million yuan to 232 million yuan, while operating loss narrowed to 161 million yuan, while property development income increased from 303 million yuan to 1.402 billion yuan, mainly due to the recognition of sales of units in Suzhou international financial center. Operating profit increased to 146 million yuan. (ek/u)

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