NEW Island Printing Holdings reported a 8.29 per cent drop in net profit to $13.42 million for the six months ended September 30.

Fierce competition and sharp increases in material costs also eroded operating profit, which fell 5.2 per cent to $14.86 million.

However, turnover was up 17.4 per cent to $118 million, while earnings per share were down 8.2 per cent to 6.7 cents a share.

The company recommended an interim dividend of 2.5 cents a share.