ALLIED Industries International reported a 77 per cent slump in net profit in 1993 of $22.9 million compared with $102.8 million for the same period in the previous year.
For the 12 months ending December 31, earnings per share were down to 2.9 cents from 12.8 cents in 1992. A final dividend of two cents per share was recommended, bring the total dividend for the year to 3.5 cents per share, the same as the previous year.
The company is a member of the Allied Group of Malaysian tycoon Lee Ming Tee and was the subject of a Government investigation last September for alleged breach of takeover codes.
Allied Industries chairman and chief executive Chung Tze Hien said following the disposal of subsidiaries, total turnover was down from $1.78 billion in 1992 to $370.2 million in 1993.
The group embarked on a programme of disposal of its interests in associated companies, including Santai Manufacturing, during the year to establish itself as a strong industrial stock.
''The key for 1993 was to transform the company into an effective operating company directly involved in high growth industrial activities, particularly in China,'' said Mr Chung.
With a solid foundation established, the group was well-positioned for strong growth in 1994 and beyond, he said.