CHEVALIER Development International has posted a 133 per cent rise in profit to $140.67 million for the six months to September 30. But the holding company Chevalier International Holdings managed to register only a 12.2 per cent rise in profit before extraordinary items to $88.66 million. Telecoms arm Chevalier (OA) International was the worst performer in the group, plunging into the red with a loss of $16.88 million, compared with a profit of $3.16 million previously. Loss per share was 2.67 cents. Chevalier Development, which was spun off in November 1991, emerged as the best performer in the group. Turnover for the six months to September rose 324.8 per cent to $1.34 billion. Earnings per share were 35 cents, and an interim dividend of eight cents per share was recommended. Group chairman Chow Yei-ching said the loss made by Chevalier (OA) was due to the launch and operation of its second generation cordless telephone (CT2) network. He said profits generated from other major lines could not offset the losses incurred by the CT2 business. Mr Chow expected Chevalier (OA) to incur losses this year because CT2 was still at the investment stage and competition was strong, but he said its performance would be better next year. For Chevalier International, interim earnings per share were 14.9 cents. It will pay an interim dividend of 4.5 cents per share. The group said it would continue to expand its business in Hongkong, China, east Asia and North America.