WHARF (Holdings) is expected to see a 42 per cent leap in profit for 1995, to $4.4 billion, with earnings per share rising by the same percentage, to $2.01. Dividend is expected to reach $1.05 per share. The group, comprising Wharf subsidiaries and its parent Wheelock and Co, has seen big reshuffles of assets during the year. Wharf swapped its shares in Singapore-listed Marco Polo Development for New Asia Realty's Peak properties. ING Barings said the asset swap injected $1.4 billion of cash into Wharf's working capital and allowed the company to concentrate management resources on Hong kong activities. The group remains one of the territory's largest landlords. Gross floor area, mainly in Tsim Sha Tsui and Causeway Bay, will reach 13 million sq ft by 1998. This includes the completion of Gateway II. In 1994, rental income was 59 per cent of income contribution and 87 per cent of recurrent income. This contribution engine is the group's mantle for revenues and profit. There also is a 1.7 million sq ft land bank for eventual sale. This includes interests in a group development project in Diamond Hill and a development in Tsuen Wan. Wharf has a major infrastructure business which continually seems to go unnoticed in appraisals of the group by brokers. Wharf has major interests in the Cross-Harbour Tunnel and the Western Harbour Tunnel. The group's port container terminal operations are the second-largest in terms of handling capacity, at 2.5 million 20 foot equivalent units. Another $1 billion is being spent to increase capacity by 28 per cent to 3.2 million by 1998. The group also has 15 per cent of Hactl, an air cargo franchise. Coverage of Wharf in 1995 has been dominated by the establishment of Wharf Cable and the launch of telecommunications company New T&T. Barings said: 'Wharf Cable and New T&T will continue to dominate investors' attention.' The cable operation has not been the ripping take-off some people in the company had hoped for. New T&T is entering an extremely cut-throat telecommunications market where real profitability could be a very long way off. Brokers say too much attention on these operations can be misleading as they represent only 2 per cent of the group's net asset value. This is set to rise, but the rise will be modest.