New World Development Company Limited ("NWD") or the "Group", (Hong Konga stock code: 0017) today announced the consolidated results for the year ended 30 June 2003.
- Turnover amounted to $21,056.3 million and loss attributable to shareholders was $4,811.5 million or $2.21 per share.
- The impact of SARS and the generally soft economy on the Group's profit was material. The reduction in recurring results is about $204 million due to SARS.
- The Group has made provisions and other charges of $4,779 million against our investment and trading property portfolios and our TMT investments.
- The continuing weak economy dragged down the property market. Total turnover of the Group's property sales and rentals in Hong Kong and Mainland China amounted to $1,956.3 million.
- Despite the challenging market environment, the following Group businesses recorded growth during the period under review.
- NWS Holdings Limited achieved strong cash flow with a profit of $1,213.4 million and a reduction in gross debt by $3,000 million between January and September 2003.
- New World Mobility experienced rapid growth with a subscriber base of 990,000 as at 30 June 2003 representing a 37% increase year on year.
- New World Telecommunications recorded strong IDD growth with traffic volume increased 42% year on year to 740 million minutes.
- New World Department Stores Limited continued to expand, with fourteen department stores in Mainland China and Hong Kong. NWDS recorded turnover of $2,673 million.