SLUGGISH jetfoil operations should limit the after-tax profits growth at Stanley Ho's Shun Tak Holdings to about 12 per cent, at slightly more than $770 million, for the year to December 31, analysts say. Results announced today would be 'very ordinary', mainly because of a downturn in jetfoil business, which accounts for nearly 70 per cent of Shun Tak's revenues. 'It's no secret that the jetfoil business has been going through a relatively rough period,' said one analyst. Bad weather, a downturn in overseas tourists and static gambling trade were not able to offset an increase in fares last year, analysts said. 'The tourist mix has changed with the Japanese not as prevalent,' said one analyst. 'The tourists these days are not as free spending as they used to be.' The property wing, which accounts for about 23 per cent of overall operations, is expected to book about $180 million in profits from the sale of luxury flats in Hong Kong last year. Some analysts hope that with the results the company will announce the start on its residential project at Belcher Garden, which would lift the stock in the eye of investors. Shun Tak's hotel operation in Macau also suffered last year, with tourists either not arriving or taking advantage of cheaper alternatives. According to one analyst, the three hotels, which include the Bella Vista and the Mandarin Oriental, had 'a flat year'. Expansion in the hotel sector in Macau also cut into their earnings, said analysts. One predicted the hotel sector, which accounts for a small portion of overall operations, would be flat or even see a small decline in earnings. Shun Tak's restaurant operations are expected to post growth of about 11 to 12 per cent with the floating restaurant in Aberdeen affected by wet weather and a lack of tourists, said analysts, making for 'slow growth' last year. Results from property holdings are expected to have been hampered by weak property prices. One analyst predicted a 10 per cent downturn in results from property operations while he expected the company to report a modest seven to eight per cent rise in income from property sales.