CHINA'S economic austerity programme has dashed analysts' hope of a bonanza by pager-maker Prod-Art Technology which has posted a 195 per cent increase in after-tax profit to $63.8 million for the year ended December. But the figure failed to cheer analysts who had been bullish about the company's edge in exploiting the pager craze in major Chinese cities as China opens its economy. The result is far less than the forecast by The Estimate Directory which projected a rise of 330 per cent to $93 million. ''The austerity measure implemented by the Chinese Government and the devaluation of the yuan during the second half of the year adversely affected the consumer market,'' said chairman Chan Suk-ping. Prod-Art recorded a $20.5 million profit in the second-half. Turnover amounted to $364.1 million for the full year, up 52 per cent from $239 million the previous year. A final dividend of one cent was announced on earnings of 14.9 cents a share.