ANEX International Holdings saw profit fall 27.5 per cent to $44.53 million for the year ended March 31. While turnover rose 22 per cent to $367 million, profit margins fell off. Chairman Kwok Hon-ching attributed the higher turnover to efforts to expand the global market for its consumer electronics products while diversifying into new activities. ''However, because of the stagnant economic conditions prevailing in all major markets throughout the financial year, the group could not increase price levels in keeping with rising costs and the effect of this is reflected in profit margins,'' he said. Earnings per share were 14.7 cents. A final dividend of five cents per share will be paid on September 7. Mr Kwok said the group would concentrate on developing markets with proven potential in Asia, eastern Europe, Latin America and the Middle East. Anex would also continue to seek opportunities for joint ventures related or similar to its core business, he said. The design and manufacture of electrical appliances remained the group's core business, accounting for 61 per cent of turnover. Its expansion into South America compensated for a drop in sales in European markets.