Red chip Legend Holdings has narrowed its losses to $48.6 million from $194.5 million for the year to March following a restructuring exercise. The improved result came despite a 23 per cent fall in turnover to $2.84 billion. Losses per share were 6.4 cents compared with 26.8 cents previously. There would be no dividend payout for the year. The company posted operating profit of $21.03 million compared with operating loss of $121.4 million for the year earlier. Chairman Liu Chuanzhi said the company achieved the turnaround by shifting its focus from low-margin add-on card manufacturing to high-margin motherboard products. This strategy helped establish its subsidiary QDI as one of the world's five leading motherboard suppliers with production of about 50,000 units a month earlier in the year to about 200,000 towards the year's end. The company strove to market a broader range of value-added technology products but the distribution of new products had yet to add much to the bottom line. Legend's systems integration business continued its steady growth last year. Discussions on the proposed acquisition of a computer businesses from parent New Technology Developer Inc Institute of Computing Technology Academia Sinica were progressing but no agreement was entered into at this stage, Mr Liu said.