Despite an exceptional gain of $44.44 million, Jinhui Holdings Co has reported a 26.8 per cent drop to $33.77 million in attributable profit for the six months to June 30. Earnings per share declined from 8.6 cents to 6.29 cents during the period. The company's turnover however, rose about 5 per cent to $1.245 billion, up from $1.188 billion recorded in the same period last year. Operating profit plunged from $69.14 million to $1.17 million during the period. Jinhui said the significant decline was the mixed results of the downtrend in the dry bulk shipping market which started in the fourth quarter of 1995 and China's continuing austerity measures limiting profit growth in its trading and business and investment projects. It forecast that the freight market would stay bearish for at least another year.