The once flamboyant Playmates Toys Holdings has continued its slide, with interim results showing an almost 40 per cent drop in operating profit to $43.65 million. The toy-maker, which enjoyed soaring profits when global appeal for its Teenage Mutant Ninja Turtles range climaxed, saw turnover fall in the six months to June 30 by 25.2 per cent, from $422.4 million to $315.7 million. Despite this, profit attributable to shareholders went up substantially from $20.3 million to $39 million, because comparative figures for the 1995 first half had included a significant loss from the discontinued association with French company, Ideal Loisirs. Earnings per share increased from 3.08 cents to 5.91 cents and a three-cent interim dividend was recommended. Playmates reported a loss of $97.59 million for the full 1995 year. Although the interim result showed little sign of a strong recovery, the company said the bad days were over. 'The group is optimistic that it will report an improved annual profit for the full year,' managing director David Yu said. His optimism is derived from the company's market repositioning in the past few years, steering towards product diversification while strengthening its core capabilities. 'Additional high calibre sales, marketing and product development executives have been recruited in the US office,' he said. Playmates parent company, Chansam Investment, is involved in a bankruptcy application, a result of a family dispute which has been taken to the courts for adjudication. Sister company, Prestige Properties Holdings, reported a respectable profit increase. It said interim profit tripled from $5.8 million in 1995 to $23.8 million, boosted by sales of two completed development projects. Executive director Clara Chan said: 'Performance was further enhanced by a modest increase in rental income and a lower level of interest expenses.' Associate companies engaging in property development in China contributed positively. An interim dividend of one cent was declared. The company will seek to replenish its residential land stock. To further its strategy of becoming a niche developer, it will get involved in large-scale developments, possibly entering into consortium arrangements for mass residential projects.