YAOHAN International Holdings, which was listed in October, says profits jumped 80.1 per cent to $193.7 million for the six months to September 30 from $107.5 million a year earlier. Turnover tumbled 23.4 per cent to $1.63 billion from $2.13 billion due to a sharp drop in sales from retail operations. Earnings per share were 20.9 cents. Yaohan said it expected to achieve the profit forecast contained in its prospectus of not less than $265 million for the year ending next March 31. The company's $662.5 million flotation, which was 43 times subscribed, was priced at $2.68 a share but the stock has not enjoyed the success of most other listings this year, closing down five cents yesterday at $2.90. Capitalising on the shortage of high-quality printing and packaging materials in China, Yaohan said yesterday it had formed a joint venture manufacturing company in Shanghai with Furubayashi Shiko Co, one of Japan's largest printing and packaging makers,and Shanghai No 10 People's Printing Factory. The joint venture will have paid-in capital of US$10 million, with Yaohan holding 20 per cent while Furubayashi and Shanghai No 10 will each own 40 per cent. Yaohan chairman Kazuo Wada said the joint venture, which should start operations in February, had great potential because there were few European, American or Japanese investments in this sector in China. Yaohan's other projects in China include a shopping centre in Shanghai, which will probably be Asia's largest when it opens for business in 1995. The company also plans to develop supermarket and fast-food chains. Yaohan holds controlling stakes in three listed companies: Yaohan (Hong Kong), Yaohan International Caterers and Yaohan Food Processing and Trading. Yaohan (Hong Kong) found an unusual culprit -typhoons - for its disappointing first-half performance, as profits rose just 4.5 per cent to $16.7 million for the period ended September 30 from the period a year earlier. Mr Wada said the typhoons, which made people stay at home rather than spend money shopping, forced the retailer's department stores to close four times during the first half. The only piece of good news for Yaohan Hong Kong was turnover, which jumped 41.8 per cent to $1.41 billion from $993.6 million. This was mainly due to the opening of four stores, which have yet to become profitable. Earnings per share fell to 4.6 cents from 5.3 cents. The company is pulling out of poor results last year, when net profits only rose 2.25 per cent to $51.28 million. It blamed a slump in consumer spending and the cost of opening stores. Yaohan Hong Kong's shares, which have performed weakly in the midst of the recent bull market, rose three cents yesterday to $1.96. There was better news from Yaohan International Caterers, which saw profits climb 37 per cent to $39.3 million for the six months to September 30 from $28.6 million a year earlier. The company said the improved results were due to the introduction of new bakery products and steady sales growth from its restaurant operation. Earnings per share climbed to 13.1 cents from 9.56 cents, while sales soared 45.6 per cent to $427.5 million from $293.6 million. An interim dividend of 4.5 cents was recommended by the company's directors. Yaohan Food Processing also posted better results, with profits rising 20.2 per cent to $17.3 million from $14.3 million. Turnover was up 36.9 per cent to $352.8 million from $257.6 million. Earnings per share were 6.92 cents compared with 7.68 cents.