Property developer Sea Holdings has reported a heavy drop in attributable profit, falling to $28.7 million for the first six months to June from $774 million in the same period last year. A $65.5 million loss from provisions for falling values of properties under development, contrasted sharply with last year's $711 million in exceptional gains arising mainly from the sale of interests in subsidiaries during the same period. Earnings per share fell from 142.7 cents to 5.3 cents and the interim dividend was unchanged at six cents. Chairman Lu Ho said the financial turmoil would make a write-down of its investment portfolio necessary at the end of the year. 'The group will continue to face unfavourable market factors and does not expect an improvement in Hong Kong economies in the second half of the year,' he said. Mr Lu said the group would continue to be cautious in its investment strategy.