Vehicle-equipment maker Zhongda International Holdings has posted a 92.27 per cent year-on-year plunge in net profit after delaying its results announcement three times. Profit for the year to December fell to just 2.59 million yuan (HK$2.43 million) from 33.51 million yuan the previous year, despite turnover dropping only 3.76 per cent to 173.43 million yuan. The results announcement came two months after its deadline under listing rules. Zhongda, which listed on the main board in October 2001, blamed the profit fall on 'changes in the automobile repair and maintenance market and the global economic recession'. The market was 'transformed from a free market to planned development led by directive automobile plants' after China's World Trade Organisation entry, it said, adding it coped by seeking collaboration with carmakers. 'In order to seek collaboration with the automobile plants, the overall gross profit margin decreased from 47 per cent to 37 per cent. The bad debt and inventory positions were also adversely affected by the market changes.' Administrative expenses more than doubled to 34.33 million yuan from 16.81 million in 2001. The company received an unqualified audit opinion on its results. It said earlier the delays in announcing its audited results were because its auditor experienced delays in third-party confirmation of certain accounts receivable and the need to obtain more information relating to a land-development project. Last month, it said it had breached listing rules by failing to announce on time connected transactions with Zhongda Industrial due to an oversight.