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.