SHANGRI-LA Asia, the listed hotel arm of the Kerry group, has reported a 155 per cent jump in net profit for the first half of the year to $189.75 million. The group's performance was enhanced by contributions from the Shangri-La Shenzhen and the Shanghai Centre, acquired towards the end of 1992. Shangri-La Asia chairman Pho Ba Quan said the operating results for the first half of 1992 did not include the two Chinese properties and therefore the results of the 1993 first half were not directly comparable with 1992. There was an extraordinary gain of $34.71 million comprising interest income on subscription money received upon the listing of the company's shares on the Hong Kong stock exchange on June 17. Turnover was up 29.67 per cent to $572.38 million compared with $441.38 million the previous year while earnings per share increased 136.75 per cent to 21.9 cents. No interim dividend was declared. Shangri-La Asia has eight properties - two in Hong Kong and six in China - worth $15.3 billion on February 28. The rapid economic growth in China and increased visitors to the country benefited the group's hotels which target top corporate business travellers. Combined with upward adjustments in room rates, a higher yield on room revenue was achieved over 1992. ''With the exception of the Shangri-La Hangzhou, which increased gross operating profit by only 16 per cent, growth in gross operating profit of the group's hotels in Beijing ranged from 41 per cent to 155 per cent over the same period in 1992,'' he said. Despite the mainland's austerity measures, Mr Pho did not anticipate that its China rooms and food and beverage businesses would suffer appreciably as industry and commerce was expected to continue to grow, especially in cities like Shanghai. ''The group's non-hotel properties in the China World Trade Centre in Beijing and the Shanghai Centre in Shanghai should still continue to enjoy high occupancies and rentals due to steady demand in these two cities for apartments, offices and commercial space,'' he said. Occupancies of the offices, apartments and shops in the China World Trade Centre in Beijing for this year were in the high 90s compared with 85 per cent for offices and apartments and 68 per cent for shops for the same period in 1992. Average rentals improved and other operations in the complex, including restaurants, the exhibition centre and supermarket, contributed substantially higher profits than in 1992. In Hong Kong, the territory's strategic location as a gateway to China had attracted both business and tourist travellers. However, owing to the increased room supply from 1988 to 1992, most high-tariff hotels were only able to increase their room rates marginally in 1992 and early 1993, Mr Pho said. ''The Island Shangri-La achieved a higher occupancy over the first half of 1992 and turned from a net loss position to a net profit in the first half of 1993,'' he said. The Shangri-La Kowloon faced increased competition from hotels in Tsim Sha Tsui, most of which suffered from a weakening of corporate accounts due to a slow recovery in the United States and Europe. He said: ''Occupancy in Shangri-La Kowloon was marginally lower than during the same period in 1992. However, the net profit after tax for the period slightly exceeded that of 1992.''