PROPERTY development firm Chinese Estates has reported a fall in net profit of 33.4 per cent to $253.6 million in the first six months of this year. The drop was mainly attributable to the substantial cut in exceptional gains in the past six months. In the first half of 1994, the company reported $280.9 million in exceptional earnings from property and other investment sales. But Chinese Estates said it received only an exceptional gain of $10.4 million in the first half of this year. Operating profit rose 58 per cent to $214 million over last year's comparable figure of $135 million, owing to a 42 per cent rise in gross rental income. Turnover fell 44 per cent to $566.66 million against $1.01 billion. Earnings per share were 16.1 cents against 23 cents. Directors declared an interim dividend of 11 cents a share, compared with 10 cents for the corresponding period last year. The company said its projects in China contributed to results for the period under review. In January Chinese Estates acquired a 10 per cent interest in the offices and service apartments of Jing Guang Centre, Beijing, boosting its rental income. The group has terminated the joint venture agreement in relation to International Finance Square in Guangzhou because it could not reach a consensus of opinion with its partners in China and had not been able to obtain the requisite government approvals. The firm said the move did not affect it financially. Chinese Estates said it would continue to seek investment opportunities in China.