GOLDEN Hill Land Development has announced an 81 per cent drop in net profit to $5.1 million for the year to March 31.

Business flagged in the second half after the company reported a first-half net profit of $5.62 million.

Turnover stood at $312 million, compared with $314 million previously.

With earnings per share at 0.72 cents, the land developer declared a final dividend of 0.2 cents a share.