PROFITS were marginally down in the first half of the year at Stelux Holdings, the baby-wear and property concern, as the viability of proposed investments in Beijing property came under scrutiny. Net profit was $176.74 million in the six months to September 30, compared with $185.99 million for the same period a year earlier, a drop of five per cent. Turnover increased from $736.91 million to $772.91 million, up 5.9 per cent. Earnings per share were 22 cents basic and 19 cents fully diluted, compared with 27 cents and 25 cents the previous year. An interim dividend of 10 cents a share has been declared. Executive director Joseph Wong said one reason for the drop in profits was a policy at Bangkok Land, in which Stelux has a 10 per cent stake, of allowing settling-in periods to owners of units in phase one of the Muang Thong Thani development. ''Consultancy income was at a minimal level,'' Mr Wong said. ''Our fee income is expected to be significant once future phases are released.'' Bangkok Land's post-tax profit contribution for the half rose by 22 per cent. Mr Wong said a further record year had been forecast. ''At present, no material commitments have been signed'' in Beijing, he said.