Retailer and broker Wing On International Holdings has emerged as the latest victim of last October's stock market crash, taking provisions of $225 million and seeing its net profit almost halved to $142.52 million last year. The company also suffered from the retail slump as a weak performance at retailing arm Wing On Department Stores caused operating profit to drop 21 per cent to $320 million, it said. The company was troubled by a $190.2 million exceptional loss, including a $195.26 million provision for diminution in value of listed investments and securities and a $30 million provision for doubtful debts. The provisions wiped off gains from property disposals and legal-cost recovery. Wing On said doubtful debts were linked to a margin-customer receivable, which devalued significantly as the customer failed to repay the money. In the year to last December, turnover fell 5.73 per cent to $2.85 billion. Earnings per share were down 55 per cent to 79 cents. The final dividend was slashed by 73 per cent to 16 cents. The full-year payout fell 55 per cent to 39 cents. Subsidiary Wing On Co said attributable profit fell 79 per cent to $59.91 million on turnover down 9.25 per cent to $2.59 billion.