REALTY Development Corp (RDC) has announced a 50.7 per cent leap in profits to about $1.1 billion for the year to March 31, ahead of market expectations. Earnings per share were $4.91 for A shares and 98 cents for B shares, a 50.2 per cent rise over 1992. The property group's profits were buoyed by the completion and sale of 504 more apartments in Parc Oasis at Yau Yat Tsuen, as well as the sale of several properties, including Telford Gardens in Kowloon Bay, a development property in Sha Tin and the fifth floor of International Building in Central. The sales have significantly reduced its outstanding debt. At the close of the financial year, the net debt to equity ratio had been reduced from 64 per cent to 37 per cent. Rental income from investment properties continued to produce a satisfactory increase in revenue, especially from its parent's group headquarters, World International House in Pedder Street, Central. Property analyst Michael Green of S.G. Warburg (Securities), said: ''It is a very good result. Investors should be very satisfied.'' Analysts' forecasts were thrown off course slightly by the extent that RDC managed to reduce its tax bill for the year, deferring $106 million of its total $230 million taxation liability. Analysts had forecast a slightly more modest 36 per cent increase in profits to $995 million, according to the June edition of the Estimate Directory. Turnover during the period was $2.4 billion compared with $1.8 billion during the previous financial year, an increase of 31.5 per cent. Directors have recommended a final dividend of $1.07 per A share and 21.4 cents per B share. An interim dividend of 26 cents per A share and 5.2 cents per B share was paid in January, bringing the total dividend for the year to $1.33 per A share and 26.6 cents per B share. This represents a 15.7 per cent increase over the total dividend for the 1991-92 financial year. RDC director Ray Tse said: ''The company's careful timing of developments and its policy of providing added-value enabled it to achieve continuing success in a challenging market.'' ''The sales success [of Parc Oasis] during a soft market provided confirmation of our property development strategy and understanding of the market.'' During the year, RDC acquired two new sites, bringing its total land bank to an attributable gross floor area of 1.84 million sq ft. A site in Tai Po is 476,900 sq ft and another in Yau Yat Tsuen, adjacent to Parc Oasis, is 29,100 sq ft. Mr Tse put the company's consolidated net asset value per share at $21.92 for A shares and $4.38 for B shares following the revaluation of the company's investment properties as of March 31. At the same date a year earlier, the value was $17.51 per A share and $3.50 per B share. Looking ahead, Mr Tse said the company would continue the development of premium quality properties as its principal strategy. ''Various property projects, including those owned through joint ventures, are progressing according to plan and are expected to be offered for sale during the 1993-94 year, beginning in the latter part of 1993,'' he said. RDC analysis indicated that large-scale high quality residential developments with comprehensive amenities in prime urban locations would remain popular, Mr Tse said. ''The residential property market in Hongkong is expected to maintain its steady growth in the year ahead,'' he said. ''We will continue to monitor the market closely, particularly with a view to seeking timely opportunities for property development projects and for replenishing the company's land bank.''