Pacific Concord Holding yesterday unveiled a HK$105 million commitment to its stake in a joint venture to expand Internet software in the mainland. The company also announced profit in the year to December 31 was down 2.52 per cent, to HK$303.36 million. It came on the back of a 34.5 per cent dive in turnover, to HK$299.61 million. Profit at its 75 per cent-owned Concord Land Development slipped 23.99 per cent to HK$726.72 million, year on year. Turnover was down 36.44 per cent, at HK$171.58 million. Pacific Concord has proposed a bonus offer of one share for every 30 shares held by shareholders. Concord Land declared one bonus share for every 20 shares. Chairman and managing director Wong Sai-chung said its expansion into on-line software business in the mainland would be operated by a newly formed joint venture, Universal Internet Limited (UIL). Pacific Concord had 35 per cent of UIL with the balance owned by the Wong family and its associates, he said. UIL had signed three Internet-related service contracts and committed HK$300 million. The first venture, with mainland-based Eagle Network was to participate in establishing an electronic trading platform for pharmaceuticals, cigarettes and wine - industries which generated more than US$50 billion in sales each year. Using an advance encryption technology and tracking system it could counter counterfeiting and benefit the government. The project would start in Sichuan, Yunnan and Guizhou which accounted for 40 per cent production of cigarettes and pharmaceuticals in the mainland, Mr Wong said. The second contract was with mainland application service provider Deem Stone to build an Internet system to facilitate customs clearing and applications for certificates of origin for importers and exporters. The third contract saw the company teaming up with Internet access service provider eZhong, to provide dial-up services, Web hosting and e-mail services. Mr Wong expected UIL would contribute a profit this year as the three operations already had revenues from service charges.