STELUX Holdings saw profit attributable to shareholders for the year ending March 31 rise 3.7 per cent to $327.25 million. Earnings per share at the company, which holds 10.6 per cent of Bangkok Land, on a fully diluted basis slumped 13.6 per cent to 38 cents. The fully diluted number assumes full conversion of a note of 125 million Swiss francs (about HK$643 million). The dividend was cut by five cents to 20 cents. Retained profits rose from $113.8 million to $146.46 million. Executive director Joseph Wong said: ''As major developed countries continue their economic recovery, the group is well-poised for growth in manufacturing and trading activities linked to exports.'' During the period the group bought the Ambassador Hotel. ''In Tsim Sha Tsui, we will commence demolition of the hotel shortly. ''We are currently awaiting final approval of building plans for the new Stelux Ambassador Plaza, which will have 177,000 square feet of gross floor area for retail-office use.'' The register of shareholders closes from September 23 to September 29, with the total payable, of 10 cents on the final dividend, being made on October 31. Turnover rose 12.6 per cent to $1.73 billion. Operating profit was up 3.75 per cent, to $197.24 million. Profit from associated companies lifted 22.7 per cent to $232.71 million. Profit before tax and minorities rose 13.2 per cent to $429.95 million. Mr Wong said: ''The Bangkok property market continues to face increased supply. ''The Thai economy, however, is still experiencing a high growth rate and demand for residential accommodation - the primary target for Bangkok Land - is expected to remain strong.'' Uncertainty regarding mainland property tax has affected the group. Mr Wong said: ''The group has put on hold its proposed Beijing property development schemes until full details of the amended Land Appreciation Tax Regulations are released and reviewed.'' In its retail sector, the group has Optical 88, City Chain and Hipo-fant under its umbrella, with the units performing well. Hipo-fant is still operating at a base level, along with City Chain, in Malaysia and China. They have been in operation for less than a year. In watches, the group expects growth in exports to the United States and Europe. Universal Geneve has launched Golden Janus, a reversible two-watch timepiece.