THE Lai Sun group of companies has posted better-than-expected results for the year to July 31, except for Glynhill International which reported a loss for the second consecutive year. Lim Por-yen's flagship Lai Sun Garment (International) defied market expectations of a fall in profits, instead coming up with a 7.7 per cent rise to $627 million. Property arm Lai Sun Development saw profits grow 10.3 per cent to $722.3 million, while apparel maker and retailing arm Crocodile Garments had profits of $70.5 million, up 27 per cent. Hotel management arm Glynhill, controlled by Lai Sun Development, suffered a loss of $21.2 million after a deficit of $14.5 million in the previous year. Group director Billy Hung described the group's results as ''satisfactory'' and said he expected this year's performance to be better. ''You can see from our dividend payouts, and you'll know we will be better next year,'' he said. Flagship company Lai Sun Garment will pay a final dividend of 50 cents, Lai Sun Development 5.5 cents, and Crocodile six cents. No dividend will be paid by Glynhill. Lai Sun Garment reported earnings per share of $2.45, Lai Sun Development 17.3 cents on a fully diluted basis and Crocodile 12 cents. Glynhill posted losses of 2.32 cents a share. Market concerns were focused on Glynhill, with net losses of $21.2 million. A write-off due to the re-zoning of a property development swelled losses attributable to shareholders to $43.3 million, against a profit of $2.1 million last year. Mr Hung attributed Glynhill's big losses to the depreciation of the Canadian dollar which hit its business in North America. In view of the troubled North American market, he said Glynhill would expand into booming Asia. Five contracts had been signed for hotel management in Asia, taking the total number of hotels under its management to seven, he said. Last year, the group's major profit contributor Lai Sun Development shut down its securities investment division, which had accounted for a large portion of profits. As a result, Lai Sun Development's turnover dropped 41.4 per cent to $1.73 billion. ''There is no point and reason for Lai Sun Development, a property development company, to trade securities,'' Mr Hung said. He said last year Lai Sun Development had relatively few projects coming on the market. The three major projects completed during the year were at Connaught Road, Link Road and a commercial development in Shau Kei Wan. Mr Hung said the three contributed to most of Lai Sun Development's profits. A big residential project in Repulse Bay, to be completed in January, would bring about a revenue of $750 million, assuming it was fully occupied, he said. Until the year to July, Lai Sun Development had a debt of $3.2 billion, including preference shares and bank loans for the Ritz Carlton Hotel, putting it on a gearing of about 26 to 28 per cent, he said. ''The gearing level is not low, and not too high as too unacceptable,'' he said. As for Lai Sun Garment, Mr Hung had a gloomy outlook for its garment business, which made up 25 per cent of its profits. ''It's getting difficult to predict business in the US, to which 98 per cent of our products are exported,'' he said. But he maintained they were ''cautiously optimistic'' in the sector. Crocodile is the group's best performer, with plans to increase mainland retail outlets from 18 to 30 this year. The group's China property development and investment projects would contribute to profits only until 1995, Mr Hung said.