Allergan Posts Annual Profit of $103 Million in Turnaround : Earnings: Irvine-based eye- and skin-care products maker continued to expand worldwide operation.

IRVINE —  Allergan Inc., continuing to expand its eye- and skin-care products worldwide, posted annual profit of $103.6 million, or $1.53 a share, last year.

The earnings represent a turnaround from a loss of $59.5 million, or 89 cents a share, in 1991 when the Irvine company had to write off $164 million, mostly in so-called goodwill for a contact lens unit it sold.

The company’s revenue rose 7% last year to $897.7 million from $839.3 million the previous year.

Allergan’s international sales grew faster than its domestic sales last year. Worldwide revenue for its specialty pharmaceutical business--eye- and skin-care products--was $396.5 million, an increase of 12% from $354.2 million during the previous year.

The company also kept a lid on its general overhead, keeping expenses essentially flat, said William C. Shepherd, Allergan’s president. Those costs fell to 42.9% of sales last year, compared to 46.4% the previous year.

The company expects to move into a new, $40-million, 153,000-square-foot research and development facility later this year. The new structure will “enhance our ability to pursue our R&D; objectives and is a tangible symbol of our commitment to new technologies,” Shepherd said.

For the fourth quarter, the company earned $33 million, or 49 cents a share, 18% higher than $27.9 million, or 41 cents a share, earned in the final quarter of 1991. Quarterly revenue increased 5% to $237.9 million from $227.5 million in 1991’s last quarter.

Allergan sold its North and South American contact lens business to concentrate on emerging technologies and its core business, mainly wetting solutions for contact lens care. It had acquired the operation in 1987 from Hydron International.

The sale of that operation was completed during the fourth quarter, giving Allergan a $2.3-million gain. But the company also adopted two new accounting rules last year that caused it to charge off $2.2 million.

Allergan is still looking for a buyer or strategic partner for its remaining contact lens business.