STOCK TAKES A TUMBLE AS PLAYERS PUNISH ROADSHOW

A dividend declared by RoadShow Holdings failed to reassure investors after the firm posted a 65 per cent drop in profit last year.

Shares tumbled 12.3 per cent to close at HK$1.06.

On Tuesday the KMB-controlled outdoor advertising firm posted a net profit of HK$55 million for last year - less than a third of its 2001 profit of HK$158.2 million. Turnover fell 46.3 per cent to HK$155 million.

The company, which proposed a two HK cent dividend, blamed Hong Kong's poor economy and slumping advertising market for the decline. 'Declining GDP growth rates, rising unemployment and sliding consumer confidence all indicated an economic environment posed with great challenges, weak market demand and intense price competition,' Roadshow said in its results announcement.