Pacific Concord Holdings, a property developer and department store operator, has posted a 53.76 per cent dive in interim net profits for the six months to June 30. The company, which announced earlier this month it was spinning off its property projects in Hong Kong and in China, said its net profits were down to $60.37 million from $130.56 million. Sales were down to $345.77 million from $621.41 million. Earnings per share were 3.22 cents, down from 6.97 cents. The directors declared an interim dividend of 1.83 cents per share, unchanged from last year. Chairman Wong Sai-chung said the listing application for the property spin-off had been submitted to the Hong Kong Stock Exchange for approval. He said many of the company's property projects were ready for sale or lease, which would boost future profits. Mr Wong said Concord stores in China, under management by mainland executives, would be in a better position to tap huge consumer demand. The company's 60 per cent-owned subsidiary Concord Telecommunications continued its expansion in the Chinese-character paging business on the mainland.