SWIRE Pacific interim results, to be reported tomorrow, will hinge on how much profit is booked from sales of units at Robinson Place in Mid-Levels, according to analysts. Mark Simpson of Barings said: 'Property development profits and Robinson Place in particular is the swing factor as it was for much of last year.' W I Carr analyst Michael Warren was especially bullish on the prospects for profits from the Mid-Levels development. 'Swire isn't like some developers,' he said. 'It doesn't smooth the profits by tinkering with them when the profits are booked.' He said Swire had managed to sell 90 units early last year before cooling measures were introduced by the Government, for up to $9,800 a square foot, which would help to power the development profits. 'Robinson Place was the last development to be sold at the peak of the market and might have been one of the things that spurred the government into action,' he said. He reckoned the average unit price achieved in 1994 was $9,300. 'They book profits on completion and I expect to see development profits of $1.11 billion in the first half,' he said. Mr Warren was expecting especially strong growth in Swire's bottom line. 'I am forecasting 41 per cent growth in first half attributable profit to $2.89 billion,' he said. Mr Simpson was expecting development profits of $500 million this half out of a possible total of $860 million for the year. 'I expect the net to be up 20 per cent to $2.47 billion from 1994's first half profit of $2.06 billion,' he said. 'I think earnings per share will be $1.55 against $1.29 last time and dividends will be 38 cents a share versus 33 cents.' A leading analyst at another firm reckoned on 33 per cent net profit growth. 'It all comes down to how they book Robinson Place. I think it's a bit of a guess,' he said. Mr Warren said other factors influencing results would be profits at Cathay, to be announced today and growth in rental income. Analysts agreed the Kobe earthquake had caused a serious dip in revenues on Hong Kong-Japan routes but there was optimism about the scale of the recovery since early May. 'Rental income is going to be strong,' Mr Warren said. 'Rents at Pacific Place have dipped from the late 1994 peak of $90 a square foot to about $65 or $70 now but that will not feed through in to these results. 'Our house view is they have another 10 per cent to fall but you may find other people around town saying 20 per cent.' Swire has started collecting rents from Dorset House, the latest block in its Quarry Bay mini-city. Mr Simpson said rents of between $30 and $35 a sq ft were being collected in Dorset House. Mr Warren and Mr Simpson are hoping for a good performance from Swire's industries division, which includes its Coca-Cola bottling operations.