Bitter results at drug firm

PHARMACEUTICAL firm Mandarin Dragon Holdings, formerly Jack Chia International, has announced a substantial drop in profits to $398,000 for the six months to September 30.

Profits were more than $2.5 million for the same period in 1991.

Directors of the company, which changed its name on December 7, have not proposed an interim dividend.

On November 10, Alfreton Holdings completed the purchase of 57.5 million shares and made an unconditional cash offer for all shares it did not own.

Alfreton said it intended to maintain the company's Hongkong listing.