Property developer and investor Emperor International Holdings yesterday said profit fell 62 per cent to $43 million for the year to March after making provisions for loans advanced by its margin financing operations. The company's property development and investment arm in the mainland, Emperor (China Concept) Investments, said losses improved slightly to $92 million from $94 million a year earlier. Its newspaper and publishing arm, Hong Kong Daily News Holdings, said following effective cost controls and the reduction in the cost of newsprint, losses narrowed to $59 million from $132 million previously. Emperor (China Concept) is expected to complete the share sale of Hong Kong Daily News to holding-company Emperor International by November this year. During the year, Emperor International's turnover fell 24 per cent to $1.11 billion, Emperor (China Concept)'s with a slight decline to $485 million, and Hong Kong Daily News to $418 million, up 0.43 per cent. None of the Emperor companies - controlled by Albert Yeung Sau-shing - would pay a final dividend. On the securities and brokerage operations, Emperor International chairman Yeung Hoi-shing said: 'A large profit was recorded for the first half of the year, but part of such profit was offset by the subsequent loss resulting from the current recession and the necessity to make provisions for some of the loans advanced by the margin-financing arm.' For Emperor China, the sale of its stake in Hong Kong Daily News would allow the company to focus resources on its core business of property development in the mainland. Hong Kong Daily News said it should be in a better position to overcome the economic downturn after streamlining to focus on newspaper and magazine publishing.