Cheung Kong (Holdings) will see slower earnings growth in the second half of this financial year after a higher-than-expected 37.1 per cent jump in its profits for the first six months, chairman Li Ka-shing says. Net profit of $8.15 billion for the period to June 30 was well above analysts' forecasts of between $7 billion and $7.9 billion. Operating profit was up 17.6 per cent to $1.44 billion while earnings from associated companies including property joint ventures rose 38.9 per cent to $7.95 billion from $5.72 billion. Earnings per share were $3.59, against $2.71 a year earlier. Cheung Kong shares yesterday closed up 75 cents at $57.50 ahead of the results announcement. Mr Li said the first half-year's consolidated net profit had risen significantly over the same period last year because most of the group's projects for the year were completed and sold within the first six months. 'This type of earnings growth is not expected to repeat itself in the second half,' he said. Mr Li said growth in development income in the second half would be less than that seen in the first half because of 'fewer completed floor areas', but he did not elaborate. Buildings scheduled for completion during the second half of the financial year include two small industrial buildings - Wayland House in Kwai Chung and Modern Warehouse in Kwun Tong. Analysts predicted that the projects which had been completed and would be sold and booked into the second half of this financial year would include the remaining units in Laguna City in Lam Tin and some apartments at its large housing project Kingswood Villas in Tin Shui Wai and car parks at its commercial building Concordia Plaza in Tsim Sha Tsui. But total completed floor area to be booked in the second half would be much less than that in the first six months, said analysts, who expected Cheung Kong's full-year profit growth would be up about 9 per cent to $12.1 billion. Mr Li yesterday gave a brief breakdown of Cheung Kong's earnings, saying that about 57 per cent of the company's profit came from property revenue, interest income and contribution from its mainland division. The property division was the major source of income. Less than 40 per cent of profits came from 45.4 per cent-owned Hutchison Whampoa, whose earnings were helped by an exceptional gain of $4.1 billion from the sale of interests in British mobile telephone company Orange. Contribution from investments in stocks and bonds accounted for less than 1 per cent of net profit while 3 per cent of its profit was derived from cement operations. The property concern announced an interim dividend of 33 cents from the previous 30 cents per share. Mr Li said the company's intention was to sustain the dividend payout to shareholders at least at this level in the future.