THE disposal of a subsidiary lifted Pacpo Holdings net profits to $36.16 million last year, compared with losses of $8.89 million a year ago. The change in Hong Kong accounting principles, which reclassified profit on disposal of a subsidiary from an extraordinary to an exceptional item, meant a change in fortune for the company last year. It disposed of Hong Kong Building And Loan Agency in April for $164.2 million. Turnover fell 32 per cent to $17.68 million against $25.99 million in 1992. Earnings per share were 56.4 cents, against losses per share of 13.9 cents. A final dividend of five cents will be paid.