Beijing Enterprises Holdings - the Beijing municipal government's overseas listed conglomerate - has reported a net profit of $249 million for the half year to June, in line with market forecasts. The result was a 28 per cent fall compared with the pro forma result last year, but a 24 per cent increase if a $145.9 million exceptional gain was stripped out from last year's results. Chairman Hu Zhaoguang described the results by the red chip's diversified units as mixed and said it was becoming more difficult to achieve targeted short-term growth in earnings per share. Beijing Yanjing Brewery and Beijing International Switching (BISC) made a strong showing, the Capital Airport Expressway's performance was fair, while tourism, hotel and retail operations were under severe pressure, he said. Beijing Enterprises posted a 4 per cent drop in net profit, excluding exceptional gains and interest income. It gained $80 million in interest income on unused listing proceeds in the first half. Group turnover edged up 4.8 per cent to $1.7 billion. Earnings per share were 40 cents, down from 76 cents and an interim dividend of 10 cents a share was proposed. The brewery and BISC, which accounted for more than 50 per cent of net profit, were the only operations that showed growth in gross and net profit margins, while other units reported either flat or falling margins. Net profit at the brewery jumped 80 per cent on a 15 per cent rise in turnover, while BISC's net surged 27 per cent on a 32 per cent increase in turnover. The Capital Airport Expressway saw net profit rise 2 per cent on a 4 per cent increase in toll revenue. Net profit at Jianguo Hotel was down 46 per cent. At the Beijing Wangfujing Department Store (Group) it fell 56 per cent. Tourism arm Badaling Tourism Development posted a $6 million loss but had started to turn around in July, executive director Bai Jinrong said. All but Wangfujing Department Store should improve in the second half, he said. Financial controller Jimmy Tam Chun-fai said the group would reap an extra $10 million to $15 million in net profit if the Capital Airport Expressway was allowed to raise tolls.