Harbour Ring International saw attributable profit last year fall a hefty 67 per cent to $33.3 million due to exceptional losses from various investments, including a $23.4 million provision made for the closure of a factory in Jakarta. The toy manufacturer reported exceptional losses of $70.1 million. 'We would rather make a sizeable provision for this year than move the company further along turbulent waters,' chairman Luk Chung-lam said. He said the decision to close the 29,925 square metre factory was made late last year, after which all production equipment had been moved back to the company's other factories in the mainland. The company also made a $40.3 million provision against its various investments, mainly stocks, bonds and foreign currency deposits. As of December 31 last year, the company's total cash and securities in hand were $481 million. Last year's turnover dropped 8.2 per cent to $1.6 billion. Mr Luk attributed the fall to the 'lack of star products from blockbuster movies and decreased demand for hard toys'. In the past few years, the company derived a substantial portion of its revenue from manufacturing toys relating to movie characters. Mr Luk said the firm was undergoing massive consolidation. It will pay a final dividend of 0.5 cent a share, taking the total payout to two cents, down from three cents a year ago.