RECENTLY listed H share, Contrad International Holdings, reported a rise in net profits to $38.78 million for the year ended March 31. Contrad, a maker of two-way radios, said profits were up 39.2 per cent, or 6.1 per cent before an exceptional item for interest gained on monies taken in during the flotation in January. Contrad was one of the last H shares to see huge over-subscriptions. When it made its initial offering the shares were 214 times oversubscribed. About $15 billion was sucked out of the interbank market as the company raised $80 million. However, turnover was down from $525.29 million to $421.34 million, a fall of 19.79 per cent, on figures compared on the basis that the pre-flotation restructuring had been in place in the previous year. Changes in operating profit and turnover meant margins had improved from 6.5 per cent to 8.3 per cent. Earnings per share were 16.9 cents against an implied 12.8 cents previously. Although the company paid out $18 million in interim dividends to shareholders, no final payment has been declared. Chief executive Edward Sung Oi-kwan said: ''Despite the austerity measures and the substantial depreciation of yuan in China, the group has achieved a satisfactory result.''