INVESTORS can expect China Light & Power (CLP) to report tomorrow a jump in earnings of about 38 per cent for the 1995 fiscal year on the strength of big property profits, analysts say. The consensus among analysts at 36 companies, who have submitted their forecasts to the Estimate Directory, was for a net profit of HK$5.78 billion for the year ending September 1995, up from $4.2 billion last year. The strong growth will be fuelled not by core electricity earnings, which are regulated by the Hong Kong Government under a scheme of control, but by some of the company's other projects. The sale of the Hok Un power station in Hunghom for redevelopment as a housing project is expected to net the company about $1.2 billion, although analysts say the final amount could swing as much as $100 million either way. Rohan Dalziell, a utilities analyst at Baring Securities, said other unknowns included profit contributions from the sale of electricity to China, the company's advisory services, small property sites and the Daya Bay nuclear power plant in Guangdong. He expects Hong Kong's biggest electric company to announce a net profit of $5.74 billion, slightly below the consensus figure. Earnings per share should reach $2.89, up from $2.11 last year. But some analysts have urged more caution. Although they were optimistic that CLP's pursuit of independent power projects in China, India and elsewhere boded well for the company's long-term growth, Hilary Judis and Ernest Liu of Goldman Sachs warned that growth in CLP's core utility business was slowing. They predicted a net profit of $4.48 billion for this year, an increase of just 6.5 per cent on last year. And they estimated earnings per share at $2.25. 'Kilowatt per hour sales growth has been sluggish over the past several years, the utility's relatively high reserve margins bode for a slowdown in asset growth, and expected transfers from the development fund in the next year or two [will] result in a lower quality of earnings,' they said. Another Hong Kong utilities analyst said this year's profits could be padded by a transfer of more than $1 billion from the company's $2.9 billion development fund, which siphoned off earnings over the amount allowed by the scheme of control. Core electricity earnings could also decline after capital expenditures on the huge 2,500-megawatt Black Point power station slow, because of the link between the two established by the scheme of control. 'Core earnings are all downhill from here. In a few years - fiscal year 1997 or 1998 - they will be in the single digits,' an analyst said. Alice Hui at W. I. Carr disagreed. She said earnings from CLP's other projects could grow by an average of 69.9 per cent annually for the five years.