NEW Asia Realty and Trust Co and its subsidiary Realty Development Corp (RDC) have announced huge jumps in interim earnings boosted by one-off exceptional gains. New Asia Realty, formerly known as Hongkong Realty and Trust Co, said attributable profits for the six months to September 30 leapt 312.2 per cent to $1.89 billion from $459.7 million a year earlier. In the same period, its 72.4 per cent-owned RDC saw net profits soar 148.2 per cent to $443.1 million from $178.5 million. New Asia Realty said profits were boosted by an exceptional gain of $822.8 million, believed to be from the sale of five Peak properties during a major asset reshuffle among the companies of Wharf (Holdings) and Wheelock & Co earlier this year. The company also made $459.9 million exceptional profits from the sale of equities. At RDC, a $233.9 million exceptional profit was booked from the sale of shares in various listed Hong Kong companies. Excluding exceptional gains, the core profits of the companies were still firmer. New Asia Realty, which is 42.1 per cent-owned by Wheelock, said the basic operating profit from property and land sales had increased 129 per cent to $775.1 million. The figure is believed to have included a substantial profit from the sale of a Tsuen Wan residential site to Wharf during the group reshuffle. Roger Luk, a property analyst with Sassoon Securities, said the bulk of the profit from core property sales was believed to have been generated by RDC. Earnings were believed to derive from home sales in the first and second phases of the Parc Regal development in Ho Man Tin and the sixth phase of Parc Oasis in Yau Yat Chuen. Profits from home sales were possibly not as much as had been hoped because of the Government's control on pre-sales of uncompleted flats. Wilson Chan, New Asia Realty company secretary, said: 'In the last six months, the property market continued to consolidate. But the more critical factor has been the restructuring of the developers' market from one led by forward sales in the past towards a ready-built market. 'This curtailed the sales momentum of ongoing projects and has led to a profit gap period for most developers.' In light of the strong result, New Asia Realty's directors have proposed a slightly increased interim dividend of 20 cents per A share and four cents per B share, up about 19.5 per cent on the previous payouts. RDC will pay a higher dividend of 31.5 cents per A share and 6.3 cents per B share, up 5 per cent. The proposed dividend payments to shareholders are modest, given the substantial increases in attributable profits by the two companies. Analysts are optimistic about the earnings performance of the companies in the second half because profits from recent sales of flats in a number of projects are likely to be booked. They include 364 units in the seventh phase of Parc Oasis, which is expected to generate sales profit of $360 million. About 238 units of Parc Royale in Sha Tin were expected to yield a profit of about $140 million. Wheelock will announce interim results today.