DYESTUFFS distributor Cheung Wah Development's net profit fell 25.2 per cent to $13.8 million from $18.5 million for the year to March 31. Final dividend has been halved to one cent from two cents previously. Turnover rose slightly to $392.6 million from $388.4 million but earnings per share fell to 3.4 cents from five. There were no extraordinary items in the latest year, meaning attributable profit was $13.8 million, compared with the previous year when a $16.9 million extraordinary profit swelled attributable profit to $35.4 million. As the profit before tax stood at $18.7 million, the profit margin for the year was 4.8 per cent, down from 6.1 per cent a year earlier. The dividend payout ratio was 44 per cent, against 75.3 per cent in the last corresponding period. Company chairman Lawrence Yu Kam-kee said: ''In spite of the continuing global economic recession, which had a marked effect on the performance of the group, we still managed to maintain the turnover level.'' Last month, Cheung Wah announced a one-for-two rights issue, raising a net $116.8 million. It said the proceeds would be used to reduce bank borrowings and to finance some of its existing expansion plans in China. Mr Yu said the company's Foshan joint-venture - Foshan Chan De Knitting Enterprises - continued to increase sales and market share for its knitted fabrics and garments. The construction of phase two of the Foshan Chan De garment factory was under way, he said, enabling Cheung Wah to seek further opportunities in the textile, garment and dyestuffs markets in Guangdong province. ''With all expansion plans in hand, we are confident that earnings will improve in the coming years,'' Mr Yu said. Cheung Wah Development says its rights issue of 202 million shares has been oversubscribed 0.06 times. The controlling shareholders have taken up their provisional allotments in full and hold 49.9 per cent of the enlarged issued share capital.