SINGAPORE (Yosefardi) – Lippo Limited reported a loss attributable to shareholders of HK$10 million for the fifteen months ended 31st March, 2013, (year 2011 — profit of HK$698 million, restated).
The profit for year 2011 was mainly due to the significant fair value gain of an investment property held by the Group’s associate following completion of its development in that year and the share of profit from property sale by another associate.
In the current financial period, neither the Group nor its associates had any property projects under completion, and less profit was generated from property sale and higher finance costs were incurred by the Group’s associates.
Turnover for the fifteen months ended 31st March, 2013 totalled HK$528 million (year 2011 — HK$338 million). Property investment and property development were the principal sources of revenue of the Group, representing 69 per cent. (year 2011 — 66 per cent.) of the total turnover.
The Group invests in food manufacturing, wholesale and distribution, food retail and food court operation in Singapore, China and other Asian regions through its interests in Auric Pacific Group Limited (Auric, together with its subsidiaries, the APG Group), which in turn has a controlling stake in Food Junction Holdings Limited (Food Junction), both are listed companies in Singapore.
Meanwhile, Lippo China Resources Limited recorded a profit attributable to shareholders of HK$293 million for the fifteen months ended 31st March, 2013, (year 2011 — HK$317 million, restated), benefited from the fair value gains of the Group’s investment properties.
Turnover for the fifteen months ended 31st March, 2013 totalled HK$396 million (year 2011 — HK$244 million). Property investment and property development were the principal sources of revenue of the Group, representing 90 per cent. (year 2011 — 91 per cent.) of the total turnover.