Property investment firm Huey Tai International reported a 50 per cent drop in net profit to $110 million for the year ending March 31 on a turnover of more than $1 billion. The company said that net profits were derived from the disposal of development properties and an increase in securities trading activity during the year. The group sold its interest in a joint-venture development in Fanling as well as more than 95 per cent of its residential project in Shek Pai Wan. The company did not provide any associated sales figures. Earnings per share amounted to 17.31 cents down considerably from the 36.05 cents achieved last year. Directors said last night that net profits were generated from the sale of investment properties and securities trading. They announced earnings per share had dropped 42 per cent to 18.65 cents per share. Turnover rose substantially from $152.5 million to more than $1 billion. Directors are recommending payment of a final dividend of 3 cents per share compared with 4 cents per share last year.