MS says Great Eagle 1H net down to HK$250 million

Morgan Stanley's Churchouse said slower overseas hotel business would depress Great Eagle's (0041) first half 2001 net profit to HK$250 million. "Hong Kong rentals could see slight drop but overseas hotel business may have experienced a bigger hit from the slowing US economy," said the house's property research team leader Peter Churchouse and analyst Kenny Tse in a note to clients today. "Excluding one-off items, core-operating earnings should fall by about 12 percent YoY." Great Eagle will announce its interim results tomorrow (Sept. 11).

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