ING Beijing Investment, the investment group with interests ranging from ceramic tiles to timber, says it intends to spin off its investment companies. A company spokesman said: 'Given the continuing growth of the projects, our ultimate objective is to bring our investment companies to flotation, [by] which we will see substantial increase in the overall net asset value.' The company yesterday said net profit fell to HK$15.43 million in the year to December from $15.5 million. A final dividend of three cents was recommended, the same as last year. The profit included tax of $1.4 million compared with none in 1995. The tax bill was derived mainly from ING Beijing's share in associated companies' tax bills and previous under-provisions. Operating profit was halved to $5.61 million from $11.27 million, but its share of profits less losses of unlisted associated companies surged 165 per cent to $11.22 million. The company blamed the static profit growth on delays to an investment in Shenzhen Everbright Timber Industry.