LAM Soon (Hong Kong) (LSHK) says its net profit fell by 45.35 per cent to $158.97 million last year, compared with $290.95 million previously. Turnover grew 11.63 per cent to $2.68 billion and operating profit rose 11.61 per cent to $179.85 million. Earnings per share of the food and investment firm also dropped 45.45 per cent to 36 cents per share. The company proposed a final dividend of 3.8 cents a share, bringing the year's total to 9.8 cents. In addition, there will be a bonus share issue of one for every 10 held. In a statement issued yesterday, chairman Whang Tar-choung said: 'Even though our profit from industrial operations remained at the same level as in 1993, we made substantial progress in reforming and strengthening the group's infrastructure.' Mr Whang said the 1994 result included an exceptional profit attributable to shareholders of $98 million, which mainly came from injecting LSO Investments into listed subsidiary Lam Soon Food Industries and the latter's subsequent sale of shares in Taiwan subsidiary Lam Soon Ball to a Japanese company, to secure its long-term business. LSHK's affiliate, Lam Soon Food Industries, recorded a remarkable growth of 1,293.39 per cent in net profits, boosted by a large exceptional gain. Net profits of Lam Soon Food Industries leapt to $472.47 million from $33.9 million over the previous corresponding period. Mr Whang attributed the sharp gain to the sale of the group's property at Cheung Yue Street and shares in a Taiwan subsidiary. The two transactions contributed to a $420 million exceptional gain to Lam Soon Food Industries. The $52 million profit from industrial operations, also marked a better than 50 per cent improvement from 1993, he said. Turnover for Lam Soon Food Industries rose a modest 21.32 per cent to $848 million while operating profit jumped 54 per cent to $42.29 million. Earnings per share on a fully diluted basis edged up to 96 cents a share. Lam Soon Food Industries proposed a final dividend of 1.5 cents a share, plus a special bonus dividend of 4.5 cents out of exceptional profits, bringing the year's total to 7.5 cents each. Mr Whang said: 'Profit outlook for 1995 is bright, despite a sharp increase in raw material prices. Higher sales volume, particularly exports to Japan, and production efficiency, will offset the unfavourable cost factor.' He said the group intended to redevelop and market the Cheung Yue Street property 'at an opportune time and hope to profit then'. LSHK's listed subsidiary MC Packaging posted a better than 25 per cent jump in profit. 'Future growth for this subsidiary [MC Packaging] will come mainly from its mainland China operations, which are showing some unevenness.'