CITIC Pacific will continue its steady earnings growth over the next two years despite a weak performance in its car trading business and unpredictable earnings contributions from the property division, say analysts. Goldman Sachs analyst Cassindy Chao said the company's earnings should be 'stable and predictable'. Major profit earners include Dragonair, of which CITIC Pacific owns 42.6 per cent. The airline was expected to post strong growth in this and coming years, according to analysts. Dragonair carried 799,000 passengers in the first six months of this year and its profits continued to grow about 30 per cent, according to CITIC Pacific. The company said it had added two Airbus A330s to the fleet. A third Airbus A330 will arrive next month, further increasing capacity. 'Dragonair is a good business and I expect profit contribution from the airline to CITIC Pacific will be $370 million this year,' Ms Chao said. Earnings from its associated companies, including Cathay Pacific and Hongkong Telecom, were expected to grow steadily. Infrastructure investments in Shanghai would continue to help boost earnings, according to Ms Chao. She said although property investments were important to CITIC Pacific, their earnings were hard to predict and depended on many variables. These earnings mainly depended on the timing of property income booked into the company's net profit and the performance of the property market. Ms Chao predicted CITIC Pacific would achieve $3.26 billion in net profits in the full year. She said a recovery was likely in the company's Dah Chong Hong car distribution business. ING Baring analyst Mark Simpson said CITIC Pacific's net earnings would be adjusted to about $3.1 billion from $3.02 billion following the announcement of its interim results. Mr Simpson said the pre-sale of the redevelopment of the former Dah Chong Hong parking lot at Kwai Chung could help CITIC Pacific's net profits in the second half. According to CITIC Pacific, the project, which will be developed into a residential and commercial tower, is scheduled for completion early next year. Pre-sale of the apartments is planned for the end of this year. Analysts said the expansion would create more earnings for the company in the future. This month, a company owned by CITIC Pacific and its holding company CITIC Hong Kong was awarded the tender to develop the Tamar Basin site for $3.35 billion. CITIC Pacific owns 50 per cent of the development. However, these expansion plans will increase the company's interest burden substantially. The company posted a net interest expense of $161 million in the first half of this financial year. This was 164 per cent than the corresponding period last year, the company said.