Sino Land's profit for the six months to December 31 is expected to drop by between 11 per cent and 48 per cent from a year earlier due to losses from property sales, according to analysts. The developer will announce results for the first half of its 2001/2002 financial year tomorrow. HSBC Securities expects Sino Land's net profit will fall to HK$109 million, down 48 per cent. It expects the developer to incur a loss of HK$100 million from the sale of three residential projects: Central Park in Olympic Station, Island Resort in Siu Sai Wan and Bayview Park in Chai Wan. Interim dividend would remain flat at about 2 cents. HSBC analyst Derek Cheung said many of Sino Land's projects on sale were set for losses because of high land costs. The brokerage said Island Resort and Central Park had sold a total of 596 units at about HK$4,000 to HK$4,200 per square foot, incurring an estimated loss of HK$79 million. Seven units in Bayview Park were sold at HK$3,580 per square foot, against an estimated total cost of HK$4,496 per square foot. Mr Cheung said part of the losses might be offset by the disposal of some investment properties. 'But we should take a note that the actual profit generated from the disposal of investment properties is unknown,' he said. Rental income was expected to remain flat at HK$376 million, HSBC said. Salomon Smith Barney forecast an 11 per cent decline in Sino Land's to HK$186 million. It expects the developer to need to make provisions for some projects, including Sky Horizon in North Point and Central Park. The firm maintained its 'sell' rating on Sino Land. Dao Heng Securities property analyst Eric Yuen expected earnings of Sino Land to edge up in the next two years. But most of its developments would secure only thin profit margins, he said.