CHINA Resources Enterprise saw attributable profits slump last year, while operating profit shot up by almost 240 per cent to $73.99 million. Profit attributable to shareholders fell from $333.3 million in 1992 to $104.69 million last year. Profits in 1992 were boosted by a $353.393 million exceptional (then accounted for as an extraordinary item) from the disposal of an industrial building in Kwai Chung. Earnings per share also collapsed, due in part to a massive placement in July last year, which saw issued shares increase from an average 213 million to 740 million.. Earnings per share fell from $1.56 a share to 14 cents. The July issue of 640 million shares at $3.30 each raised $2 billion, the proceeds of which were used to help buy Tsing Yi lot 129 from parent company China Resources (Holdings) for $3.5 billion. The company plans to develop the site into a residential-commercial estate with an area of more than 2.25 million sq ft. Turnover fell sharply from $859.14 million in 1992 to $252.34 million last year - a fall of some 70.63 per cent. There was an exceptional item of $47.36 million last year, also relating to the sale of property. Dividends of four cents a share were declared, resulting in a payout to shareholders of $42.4 million, compared with $21 million in 1992. The 1992 exceptional item has become a bone of contention between China Resources and the Inland Revenue Department. The company has been forced to write a $34.67 million provision for tax after queries from the Inland Revenue during the year. The company said: ''The probability that such potential liability would crystallise is increased during the year and accordingly the provision to the previous year is made as a prior-year adjustment.'' The directors are maintaining that the profits from the Kwai Chung sale are capital and not subject to profits tax, despite group chairman Zhu Youlan describing the company as being focused on ''property development and expanding its godown and cold-storage business'' in a company statement. Ms Zhu said that ''1993 saw the group diversifying its China and manufacturing interests, substantially expanding its property holdings and enlarging its capital base, thereby strengthening its foundation for future earnings growth. ''The group is confident of the continued prosperity and economic growth of both Hong Kong and China, and will place greater emphasis on its China operations. The focus of these investments will be on basic, presently profitable industries such as foodstuffs, building materials, property and infrastructure.''