Innovative profits drop 25pc

Antenna maker Innovative International's attributable profit slid 25 per cent to $84.39 million for the six months to September. Operating profit fell 24.5 per cent to $90.69 million and turnover dipped 8.6 per cent to $353.16 million. The company failed to offer any explanation on the disappointing results, but said it had taken stricter credit control on customers to avoid bad debts and had upgraded production facilities. The directors proposed to slash the interim dividend by 38 per cent to four cents.