Pudong Development Holdings says its net profit plunged to $15.9 million for the year to March, down from $472.6 million the previous year, when exceptional items were included. Meanwhile, Rivera (Holdings), whose principal asset is its stake in Pudong Development, reported a loss of $30.47 million, down from a gain of $125.3 million the previous year. Pudong Development said sales from continuing operations rose to $345 million, more than double those the previous year. Basic earnings per share fell to 1.6 cents from 50.3 cents. The company did not declare a final dividend, compared to a dividend of four cents per share the previous year. Separately, Rivera said its $4.5 million net profit - derived from its 27.5 per cent stake in Pudong Development - was offset by a loss of $6 million from the company's other operations, and further by dilution of the company's interest in Pudong Development due to a new share issue. Earnings per share fell from 9.9 cents the previous year to a loss of 2.4 cents. Directors did not recommend a final dividend. Pudong Development's managing director, Tong Cunlin, said the slow-down in activity in the property market in Shanghai persisted throughout the year.