Strong property income from the pre-sale of a Ma On Shan residential project helped Pacific Concord Holding and its subsidiary Concord Land Development post encouraging interim results. Pacific Concord said net profit rose 150 per cent to $202.1 million against $80.7 million for the previous corresponding period, thanks to the contribution from its 75 per cent owned property firm Concord Land. Directors declared an interim dividend of 2.9 cents, up from 1.83 cents over the same period last year. Helped by the development income from the sale of Vista Paradiso in Ma On Shan, Concord Land said profit attributable to shareholders increased by 609.58 per cent to $425.82 million from $60.01 million. Earnings per share rose to 35.5 cents from five cents. Directors declared an interim dividend of 16.7 cents against two cents over the same period last year. The chairman of the two companies, Wong Sai-chung, said the gains were mainly derived from the pre-sale of Vista Paradiso, a joint venture with Cheung Kong (Holdings). Mr Wong said earnings from the sale of Vista Paradiso would continue to provide Pacific Concord and Concord Land a key source of income during this financial year and the next. He said the two companies would continue to tap opportunities brought about by the difficult business environment in the fields of petroleum products, telecommunications, property and retail. During the period, Pacific Concord made a further provision of $70 million for its investment in Yaohan International Holdings, which is in provisional liquidation. Its investment costs of $140 million in Yaohan have been fully provided for, said Mr Wong. Pacific Concord made a provision of $70 million for its 19 per cent stake in Yaohan International last year. Mr Wong said Pacific Concord's retail business had broken even during the period but its telecommunications operations had failed to provide an earnings contribution. Pacific Concord had net debts of $1.2 billion and a debt-to-equity ratio of about 10 per cent. Concord Land has a gearing of less than 5 per cent.