SEAPOWER companies yesterday announced mixed results for the year ended March 31, with accounts figures greatly affected by exceptional items. The group has been at the centre of a battle for power between former stock exchange chief executive Francis Yuen Tin-fan and Seapower Resources International chairman Choi Sai-leung. Seapower Resources saw a modest rise in profit attributable to shareholders, of 19 per cent, to $99.1 million. Seapower International Holdings saw a fourfold rise in profit attributable to shareholders, to $136.2 million. A resolution to the confrontation between Mr Choi and Mr Yuen appeared to emerge last week when Mr Choi indicated financial resources had been found to back the taking of 49 per cent of the company. It later emerged that New China Hong Kong would place the shares with independent third parties. Dividends were declared at both companies. For Seapower International, the total dividend was 13 cents, including a special dividend of two cents, against a total of 8.5 cents in the previous period. Seapower Resources announced a total dividend of five cents, against four cents in the previous period. In both cases, dividends are payable on October 5, with the shareholders register closing from September 19 to 30. At Seapower International, basic earnings per share rose 377 per cent to 44.4 cents. On a fully diluted basis, the earnings per share rose 321 per cent to 30.3 cents. At the revenue and operational levels, the company saw a downturn. Turnover fell 30 per cent to $633.35 million, while operating profit before exceptional items collapsed 71 per cent to $24.09 million. The day was saved by exceptionals, which rose 194 per cent to $128.02 million, linked to the sale of interests in companies, some of which were tied to the purchase of a stake in Seabase International Holdings, now China Foods Holdings. Of the total, $66.9 million was profit on disposal of subsidiaries, $51.77 million on the disposal of long-term investments and $9.32 million on the sale of properties. In the previous year there was an exceptional of $43.5 million. After exceptionals, profit before tax was up 20 per cent, to $152 million. In the latest accounts, the results were boosted by a bigger contribution from associated interests, up from $2.8 million, to $27.96 million. An additional reason for such a large leap in last year's profits was a reduced deduction from minorities, falling from $71.4 million to $22 million. In 1994, the dividend payout ratio was 30 per cent, against 92 per cent in 1993. Provision for bad debts affected Seapower Resources results. Turnover jumped 99 per cent to $571.8 million, while operating profit also leaped, by 120 per cent to $192.5 million. But an exceptional deduction of $50.96 million on bad debts hurt profit before tax, which rose 25 per cent to $141.6 million. Cold storage operations were affected by aggressive competition in the territory by a competitor. But the company said it believed it could maintain its current pricing in the second half. Financial services did well, with securities, bullion and commodities going up 60 per cent in revenue, to $276.7 million, and profit increasing 72.5 per cent, to $70.47 million. Corporate finance saw revenues of $45 million and profit before tax of $27 million. Earlier this month, the company announced the sale of a 50 per cent interest in Anglang Investments, which held 32.8 per cent of Seapower Asia Investment, for a gross profit of $80 million.