The property-sector downturn has seen medium-sized developer Hon Kwok Land Investment post a 75.67 per cent fall to $128.08 million in net earnings for the year to March 31. Operating profit fell to $72.86 million from $484.29 million and income from associated firms was $15.37 million, down from $65.84 million previously. Turnover rose 43.97 per cent to $206.18 million. An exceptional gain of $68.25 million reflected a $203.39 million profit on the sale of investment properties and $135.13 million in losses relating to provisions. Earnings per share were 12.6 cents, from 52.8 cents. Directors declared a final dividend of two cents, taking the full-year dividend to 5.5 cents. Meanwhile, Chinney Investments, Hon Kwok Land's parent, said net profit slid 45.02 per cent to $183 million for the year to March 31. Turnover increased to $1.73 billion from $1.33 billion, while earnings per share were 33.2 cents from 66.6 cents.