HKR International's net profit for its first six months has soared 143.2 per cent year on year to HK$68.1 million thanks to a property sales increase. Net profit for the six months to September last year was HK$28 million. Turnover was HK$1.19 billion, from HK$493.3 million a year earlier. Profit from operations edged up 65.62 per cent to HK$159 million. Earnings per share rose 145.8 per cent to 5.9 HK cents. No interim dividend was recommended. The company said satisfactory sales results from phase one of its joint-venture residential development Siena in Discovery Bay contributed significantly to its profit. It said sales at Siena phase two and another joint-venture project, Coastal Skyline in Tung Chung, could benefit from the government's stabilising measures in the sector. The company has soft-launched 2,022 units at Coastal Skyline and has budgeted HK$220 million to cover aggressive promotion expenses as well as agents' fees. HKR marketing general manager Chan Chi-ming had said the first batch of units would be the cheapest in the area. Morgan Stanley said the project could be priced at about HK$2,300 per square foot, in line with Caribbean Coast and nearby Seaview Crescent. First-time buyers were the target market for the mass residential project with the lowest priced units at about HK$1 million, it said. HKR holds a 50 per cent stake in Siena phase two and a 31 per cent stake in Coastal Skyline. The company said it had sufficient cash on hand due to the operating profit from property investment. It signed a HK$1.32 billion loan with 12 banks last week. Thomson Financial First Call estimated the consensus operating profits for HKR this year amounted to HK$94.7 million while sales income would be HK$2.1 billion.