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First Shanghai Investments forecasts H1 net loss

First ShanghaiInvestments Ltd. expects to post a loss attributable toshareholders for the first half ended June 30, partly due to its of China Assets(Holdings) Ltd.

The company said July 8 that it recorded an accounting lossof around HK$119 million from the sale of China Assets. It noted, however, thatthe accounting loss will be offset by the reclassification of the negativegoodwill to retained earnings.

Given that the accounting loss is noncash in nature, it willalso not have a significant effect on the group's current and future cash flowsand business operations, the company added.

First Shanghai Investments also attributed the expected lossin earnings to a decline in profit from its stock brokerage business and a fallin the trading profit of its investment portfolio.

The expected loss is based on a preliminary review of thegroup's management accounts, which has yet to be audited.