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Earnings write-off
January 5, 2009, Monday
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SHUI On Construction and Materials Ltd, a Hong Kong-based builder, will write off HK$558 million (US$72 million) from its 2008 full-year earnings to reflect the reduced value of its 9.6 percent stake in Shui On Land Ltd.
Shui On Land's value fell about HK$1.6 billion between June 30 and last Wednesday, its parent said in a Hong Kong stock exchange filing yesterday. In addition to the reduced profit, Shui On Construction will write off HK$1.04 billion from reserves.
Shui On Land's value fell about HK$1.6 billion between June 30 and last Wednesday, its parent said in a Hong Kong stock exchange filing yesterday. In addition to the reduced profit, Shui On Construction will write off HK$1.04 billion from reserves.
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