THE film distribution arm of Golden Harvest Entertainment (Holdings) was the main profit generator for the parent company in the year to June, contributing HK$64 million before exceptionals to group attributable profits of HK$99.46 million. The result was up 43.7 per cent on the previous comparable period and came despite a 22 per cent fall in turnover to HK$283.3 million. This compared to HK$361.72 million previously, the company said. Operating profits came to HK$84.69 million, up from HK$65.34 million previously. Profits from distribution were 34 per cent higher than the previous 12 months, the company said. Associated companies' profits also swelled earnings, contributing HK$22.67 million in the period, up from only HK$12.78 million previously. Exceptional items came to HK$8.37 million, from nil in the previous 12 months. The group said the exceptional profits represented interest income on subscriptions to the new issue of shares last November. Minority interests also contributed HK$4.19 million, up from only HK$3,000 previously, the company said. Earnings a share were 22 cents, from 18.5 cents previously. The directors recommended a final dividend of six cents a share. No comparable dividend figures were available for the group, which listed last November. Its 1994 market share in terms of box office receipts rose to 29 per cent for Chinese-language films, the group said. Market share for non-Chinese language films was 42 per cent, Golden Harvest said. Golden Harvest's distribution business, the main profit generator, had increased its profits by 34 per cent, against the previous corresponding period, the group said. Helped by higher contributions from associated companies involved in film exhibition, the film exhibition division saw its attributable profits swell 66 per cent excluding exceptionals. The group had increased the number of its outlets. The opening of Golden Lee Theatre in March and Golden Gateway in April brought the number of screens operating to 11. Golden Harvest's diversification strategy was making satisfactory progress, and through associated companies the group now operated 35 screens in Singapore, 33 in Malaysia and 48 in Thailand, the company said. The group recently announced that it had bagged a potentially lucrative distribution deal with Hollywood studio, DreamWorks SGV, founded by Steven Spielberg, David Geffen and Jeffrey Katzenberg last October. Golden Harvest has formed a joint venture company with Korean One World Media LLC - a division of the Cheil Group, which in April invested US$300 million in DreamWorks in return for an 11 per cent stake in the new studio.