CHEMICAL and metals trader Kee Shing Holdings has announced a $79.26 million net profit for the year ended December 31, up 22.5 per cent over 1992. However, turnover dropped 34.3 per cent to $830.93 million compared with $1.26 billion the year before. Earnings per share for 1993 were 21.4 cents compared with 17.4 cents in 1992. Directors have proposed a final dividend of four cents per share compared with five cents in 1992. Chairman Leung Shu Wing said the increased profit on reduced turnover was due mainly to the sale of units in its principal property asset, Kee Shing Centre, an 18-storey commercial building. The company plans to retain some of the units for its own use as office space. He said there were modest improvements in the group's core businesses in metals, chemicals, and stainless steel products, and encouraging growth in the oil equipment business. However, losses made by the newly established construction steel business more than offset the gains in the other areas. Kee Shing began the construction steel business in a bid to diversify earnings from its China trading operations, which continue to perform poorly because of the mainland's austerity programme.