Joyce Corporation Ltd has announced it will withdraw from its health-care joint venture with Malaysian company Austasia Metal Sdn Bhd because of continuing poor investment returns and instability in the Asian region.

Chairman Mr Dan Smetana told the company's annual general meeting in Perth on Friday that Joyce would continue to supply hospital equipment to the region from Australia, but that its interest in the joint venture would be sold. He said the profit from the sale would be a modest gain on book value.