BIH hits investors with profit warning

Birmingham International Holdings (BIH), the investment firm of jailed businessman and former football team owner Carson Yeung Ka-sing, has warned investors to expect a significant loss for the year ended June 30.

The loss was mainly caused by a fall in revenue generated from the company’s principal business and a decrease in profit generated from sales of players’ registrations, the company said in a statement.

Unaudited management accounts for the year to June show revenue down by about 17 per cent and the net loss attributable to shareholders up about 20 per cent.

Last year, the company posted turnover of HK$294.5 million and made a loss of HK$120.59 million.

The company said figures had yet to take into account any potential increase or decrease in the value of outstanding convertible bonds issued with a principal of HK$358.5 million.

A review by the company and its auditors could affect the net loss materially, the statement said.