PROFIT attributable for Shenzhen Properties and Resources Development (Group) fell 18.9 per cent to 248.8 million yuan (about HK$228.1 million) in 1994. For the 12 months ending December 31, 1994, in accounts prepared to international accounting standards, earnings per share fell 17.6 per cent to 56 fen. The results show the GT Shenzhen and China Fund, along with the Templeton China World Fund, as the third and fourth largest shareholders with one per cent and 0.98 per cent of the shares in issue on the Shenzhen Stock Exchange, respectively. In the business review attached to the mainland accounts, the company said the government's macro economic policy had affected the results. In addition, adverse market conditions hurt revenue flow coming from the Fung Ruan Garden development, the company said. In the international accounts, turnover fell four per cent to 653 million yuan. Operating profit fell eight per cent to $224.53 million yuan. There was a big drop in share of profits from associated firms, down from 100 million yuan to 39.77 million yuan. The tax bill was also down markedly, from 40 million yuan to 15 million yuan. Net current liabilities rose significantly at the group and company level. Shenzhen Property and Construction Development saw net liabilities rise from 300 million yuan to 499 million yuan. The group saw net assets of 237 million yuan reduced to a net liability of 65.5 million yuan. In the notes to the mainland accounts, state-owned A shares amounted to 59.75 per cent of the total share capital. About 15 per cent of the shares were held by the public, 12 per cent held by legal persons and 1.5 per cent held by internal employees.