Mobile phone distributor Fortune Telecom's net profit for the three months to June 30 plummeted 65 per cent compared with the same period last year as its stake in Nasdaq-listed PacificNet.com dropped sharply. Net profit was HK$15.1 million, against HK$42.6 million for the first quarter last year.The Growth Enterprise Market-listed company's stake in information technology solutions provider PacificNet.com fell to HK$4.2 million in the quarter from HK$39.4 million. However, Fortune Telecom's profits from mobile phone distribution more than tripled to HK$10.9 million from HK$3.2 million. It attributed its exclusive distributorship for Nokia 8250 phones in China as the main reason for the rise. The company will not pay a dividend for the quarter. Fortune Telecom's shares yesterday closed at 49 HK cents.