Cosco Pacific shrugged off increased competition in the leasing market to report a 47.41 per cent rise in attributable profit to HK$32.4 million for the six months to June 30. Turnover rose 17.65 per cent to HK$68.9 million from HK$58.56 million. An interim dividend of six cents was declared. Earnings per share fell to 1.95 US cents from 2.15 US cents. Directors said profits generated by its associate company, Cosco-HIT Terminals (Hong Kong), which operates two berths at Container Terminal 8 East, were US$11.67 million. Profit contribution from container leasing, which improved due to high fleet use and a reduction of unit costs through economies of scale, was 67 per cent. Contribution from container terminals was 33 per cent. Kerry Securities analyst Charles De Trenck said Cosco's results were exactly in line with the revised downward 41 per cent of the company's four-year profit forecast. 'CT8 East's results are better than expected, but the leasing was worst than expected,' he said. Mr De Trenck said the operating profit of HK$21.79 million was HK$250,000 less than last year's HK$22.07 million and this was worse than expected. Cosco Pacific managing director Shi Qin said continuous efforts to expand container and related businesses would strengthen the group's fundamentals.