Lippo Ltd. books losses

Lippo Ltd. books losses

HONG KONG (Dow Jones): Battered by hefty provisions for bad
debts, Lippo Ltd. on Friday reported a net loss of HK$38.7
million for the six months ended June 30, compared with a HK$14.6
million net profit in the year-earlier period.

The company, which is backed by the Riady family of Indonesia,
recorded a HK$111.4 million provision for bad and doubtful debts.
On top of that, Lippo made a HK$47.6 million provision for
investments that have lost value and a HK$13.0 million provision
for a unit that declined in value.

It also booked a HK$44.5 million loss from selling a unit.
However, the exceptional losses were partially offset by a
HK$160.9 million gain from selling an associate company and a
HK$54.0 million gain on investments.

Lippo owns a stake in HKCB Bank Holding Co. through its 54
percent-owned unit Lippo China Resources Ltd., which owns 61
percent of the bank.