A reduction in exceptional items helped property developer and investor K Wah International Holdings climb out of the red, posting attributable profits of $33.49 million for the year to March 31. Operating profits narrowed to $186.42 million from $213.02 million but exceptional losses were $44.08 million, compared with $346.33 million in the 12 months to March 31, last year. The group recorded a deficit on revaluation of investment properties in Hong Kong and the mainland of $266.82 million last year. Turnover grew to $1.47 billion from $1.34 billion. Earnings per share were three cents, up from losses of 23 cents. No dividend was recommended. Listed subsidiary K Wah Construction Materials saw attributable profits grow 9 per cent to $185.88 million on turnover of $1.12 billion. Earnings per share were 22.4 cents, up from 21.8 cents last year. A final dividend of 3.5 cents was recommended. A spokesman said K Wah International Holdings had sufficient cash to purchase more land if it saw fit. Last week, K Wah snapped up a plot of land in Tuen Mun for $320 million which will give a gross floor area of 256,000 square feet. In April, it paid $515 million for a 138,000 sq ft plot at Broadcast Drive, Kowloon. The company has residential developments planned for both sites.