Cheung Kong Infrastructure Holdings (CKI) expects strong profit growth for the full year after posting a 43.89 per cent surge in earnings for the six months to June. Announcing its maiden results, the company said net profit stood at $347.2 million compared with 241.3 million in the year-ago period. The figure included unaudited combined results before the company's listing on the stock exchange on July 17. Operating profit jumped 49.21 per cent to $386.6 million, from $259.1 million. Earnings per share rose to 34 cents from 24 cents. Turnover climbed 25.41 per cent to $1.37 billion. However, no dividend was recommended. Chairman Victor Li Tzar-kuoi said he was satisfied with the results, adding he expected a full-year profit of not less than $728 million - as estimated in the prospectus. Mr Li refused to disclose the earnings contribution from the company's Chinese infrastructure investments, but analysts believe the contribution is minimal. They said the company's mainland projects were not mature enough to generate significant earnings. Only six mainland projects contributed to the bottom line during the period. These included three power plants in Shantou, the Nanhai Jiangnan Power Plant, the Shenzhen-Shantou Highway and the Shantou Bay Bridge. Analysts said more than 80 per cent of the interim income came from the company's cement, concrete and aggregate operations - Green Island Cement (Holdings) and Anderson Asia (Holdings). Both achieved steady growth in profit margins and sales volume. Mr Li said Hong Kong cement consumption grew almost 15 per cent, while prices rose 11 per cent from January to May this year. 'Achievements of cement, concrete and aggregate operations were in line with the market's performance,' he said. Mr Li said he expected an increase in profit contributions from mainland projects because all 19 signed contracts, except the Zhuhai Power Plant, would produce revenue by the end of this year. Managing director Kam Hing-lam said the loan documents for the Zhuhai Power Plant were expected to be signed next month. He said the plant should start generating revenue in 1999. Mainland road projects account for 42 per cent of the group's net asset value, while power plants make up 18 per cent. The remainder comes from its cement and concrete operations in Hong Kong. Mr Kam said the group's mainland investment portfolio would continue to expand. Last month, the company agreed to help Hopewell Holdings on the construction, management and operation of the East-South-West Ring Road in Guangzhou. It signed letters of intent with the governments of Jiangmen and Taishan to build road and bridge projects. The company has increased its stake in the Shenzhen-Shantou Highway (Eastern Section) to 33.5 per cent from 33 per cent. CKI is the infrastructure arm of Cheung Kong (Holdings).