MOULIN International Holdings, the eye-wear maker which listed in Hong Kong last October, has reported net profits of $50.4 million on turnover of $235.41 million. Profits for the year to March 31 were up by 120 per cent and turnover was up by 35 per cent, according to chairman Ma Bo-kee. The comparative figures are based on the assumption that the group's reorganised structure had been in place for the last financial year. The group was re-organised in September prior to listing. Earnings per share were 14 cents and a final dividend of 5.1 cents was declared in addition to the 2.55 cents per share distributed at the interim. Mr Ma attributed the increases in profit and turnover to a growing market for optical products, the group's expanding international distribution system and increased efficiency through vertical integration. ''Optical products have evolved over the years to become more than eye care products. They have taken on a new role as fashionable accessories with a multitude of designs and colours to suit different occasions,'' he said. To capitalise on this trend, Moulin has drawn up a two-pronged development strategy, said Mr Ma. On the one hand, the group will broaden its distribution network by enlarging ties with major distributors and on the other it will upgrade production technology and capacity. Last month, the group announced that Nikon, the Japanese optical technology company, was to take a three per cent stake in the firm. The move would give Moulin the benefit of Nikon technology while Nikon would benefit from Moulin's China access, the group said. The group has recently formed a joint venture with a German partner to make titanium frames when a new factory opens in Chaoyang in September. ''We believe titanium frames will be the leading trend for optical frames in the coming years and the new factory, which covers a gross floor area of 90,000 square feet, will contribute significantly to the group's growth in profitability,'' said Mr Ma. ''Makers of optical frames in Hong Kong are blessed with a hinterland with abundant labour supply in China and enjoy a competitive edge over their counterparts in the United States and Europe, and other developed countries.'' He added: ''International distributors have already started to place orders with manufacturers which have cost-efficient production facilities in Asia, particularly Hong Kong.'' ''Our ability to make high-end optical products at competitive prices will facilitate the expansion of our customer base,'' he said.