THE Hong Kong Parkview Group has blamed the Government's moves against land speculation for a 74 per cent plunge in profit to $76.6 million. The results were also affected by the share of losses by associated companies and a limited partnership of $13.2 million. Earnings per share tumbled 77 per cent to 14.33 cents. Turnover slid 40 per cent to $813 million while operating profit fell 68 per cent to $105.5 million. Group chairman George Wong Kiu-wah said the decrease in turnover and profit 'was due primarily to the lower number of residential units at Hong Kong Parkview sold since the Government announced measures to cool down the property market in mid-1994'. As a result, profit on sale of investment properties fell two-thirds, to $101.7 million, from $358.5 million in the previous year. 'The remaining residential units held by the group are producing very good rental income and provide a stable source of recurrent income,' Mr Wong said. Directors recommended a final dividend of three cents with the total dividend pay-out for the year falling about 85 per cent compared to a year earlier. Retained profit for the year sank to $60.6 million from $196.1 million. Property development projects in Taipo, Nanjing, Shanghai and Beijing were on course, and directors were hopeful that the projects would bring good returns in coming years. The group had set its sights on a bigger market share, and thus profits, on the Macau and Shenzhen ferry routes, after its 50 per cent owned associate CTS-Parkview Holdings Group acquired Hong Kong Macao Hydrofoil and launched new high-speed TriCat ferries this year. Mr Wong said the group's shipyard in the UK had a full order book. The group appointed Ambrose Lau Hon-chuen as an independent non-executive director with effect from yesterday. During the year, the group repurchased a total of 1,818,000 shares for $4.1 million and the repurchased shares were cancelled.