USI Holdings posted a 34.17 per cent fall in its net profit to $41.8 million for the year to December after making a provision of $28.9 million for the loss on the sale of an investment in an associate. The company, controlled by Singapore-based Wing Tai Group, said operating profit rose 22.22 per cent to $80.3 million. Turnover rose 13.8 per cent to $1.86 billion from $1.63 billion and earnings per share were 8.1 cents. In view of the increase in funding costs and the requirements of the group's investments, directors did not declare any final dividend. In the first half, the company recommended an interim dividend of one cent per share. Chief executive Edward Cheng Wai-sun said construction works at the residential development project at Kowloon Station had been progressing as planned. He expected the project, in which it has a 7.5 per cent stake, would be completed by the end of next year.