Net profit for live foodstuffs trader and former supermarket operator Guangnan (Holdings) plunged 94.05 per cent last year to HK$51.51 million. In 2000, it had a net profit of HK$866.05 million, largely due to a HK$1.43 billion gain from debt restructuring. However, the restructuring's contribution last year was substantially lower, at HK$48.43 million. Turnover in the year to December 31 shrank 34.1 per cent, to HK$1.81 billion, against HK$2.76 billion in 2000. A slowdown in its core live and fresh foodstuffs distribution business contributed to the drop in sales revenue. The revenue from this sector fell 13.1 per cent, to HK$1.26 billion, about 69.2 per cent of Guangnan's total turnover. Another contributor to the lower revenue was last year's closure of its struggling supermarket operations. As a consequence, the turnover from the supermarket business plunged 60.2 per cent year on year to HK$289.46 million. Guangnan discontinued its Guangzhou supermarket operations in March last year. Three months later it closed its supermarket operations in Hong Kong. The process bore fruit, with Guangnan's operating losses last year trimmed back 92.1 per cent, to HK$6.06 million. The previous year, it recorded HK$77.6 million losses from its core operating businesses. Last year's earnings per share were 0.61 HK cent, down from 95 HK cents the previous year. Directors did not recommend a dividend. Yesterday, the company's share price fell 3.59 per cent, or 0.7 HK cent, to finish at 18.8 HK cents. Guangnan is a unit of Guangdong Enterprises (Holdings), the Hong Kong window company of the Guangdong Government. In 1999, Guangdong Enterprises, together with its subsidiaries - including Guangnan and Guangdong Investment - began a two-year US$5.59 billion debt-restructuring plan. The group became insolvent in 1998, after Beijing shut Guangdong International Trust and Investment Corp, one of Guangdong's premier fund-raising arms.