ASIA Securities International has announced severely reduced annual profits for the year to December 31, 1992, of $93.9 million, down from $275.8 million. Directors have proposed a reduced final dividend of three cents a share, compared with a final dividend of 10 cents paid by the property development and investment group at the end of 1991. Added to the interim dividend of five cents already paid, this brings the total dividend for the year to eight cents. The group posted $37.9 million in extraordinary items from the write-off of goodwill on an associated company and loss on early redemption of a convertible redeemable note, bringing profits attributable to shareholders down to $56 million. Asia Securities has embarked on an extensive rationalisation programme since Hongkong China became a substantial shareholder last September. During the final quarter the new management team raised $220.2 million through off-loading shares in SHK Macau Investment, Allied Properties (Hongkong), Allied Industries International and Mulpha International Berhad. The streamlining has continued since the end of the financial year. Last month, the group disposed of its entire shareholding in UK-listed CrestaCare for around GBP6.3 million (about HK$75 million). Earlier this month, Asia Securities entered into provisional agreement to dispose of its 95 per cent shareholding interest in Taiwan-based Rockcell Industry and 0.9 per cent interest in Fu Shing Manufacturing and Lumber, also of Taiwan, for a total of $56.3 million. Completion of the deal is expected to take place no later than July 30. Meanwhile, the new regime has begun making a string of strategic investments. In October, an indirect subsidiary acquired a 9.2 per cent interest in Hongkong-listed tourism and hotel group Morning Star for $23.2 million from Lippo. A general cash offer was then made enabling the group to acquire a further 26.2 per cent interest in the company for $65.9 million. This brought Asia Securities' direct and indirect holdings in Morning Star through companies acting in concert with it to 53.7 per cent.