ALTHOUGH it announced a 42 per cent rise in net profits to $36.8 million for the year ended March 31, Vincent Intertrans (Holdings) claimed its results were slightly affected by write-off development costs of its China business. The freight forwarder also claimed its results were affected by new subsidiaries in the second half of the year. Turnover rose 17 per cent to $468.14 million from $399.29 million. Earnings per share were 21.1 cents. Directors declared a final dividend of five cents per share. The company said in order to strengthen its air and sea freight services, two subsidiaries were formed in Japan. Five offices were opened and the subsidiaries began operating in December. The group, which has also set up a trucking company in the United States, has increased its stake in investments in Canada. Vincent said it was necessary for the group to streamline its efforts and upgrade its feeder services. The group will assemble a number of barges to meet the rising demand for feeder services between Hong Kong and vital ports in China, especially those along the Pearl River Delta. The group said it had acquired a 60 per cent stake in a freight company, Dragon Ray Freight, in April. In the same month, the group set up a joint venture, with a 51 per cent stake, with a trucking company, Dike Transport, to provide trucking services between Guangdong province and Hong Kong. The group also set up a joint venture with state-owned enterprise, Xiamen Haicang Construction and Development Corp.