PROPERTY developer Shun Shing Holdings has announced an 86 per cent plunge in interim profits to $1.88 million from $13.5 million due to the delay in new airport projects. Severe competition, a slowdown in the development of public housing and the limited number of building contracts from private developers were causes for the poor performance. Earnings per share for the period ended February fell to 0.3 cent from two cents a year earlier. No dividend was proposed. The group hoped that with the recent resumption of airport negotiations, the Government's proposal to increase residential supply and the company's expansion into China and Singapore, the situation would improve. Its construction contracts on hand were worth $1.4 billion while the outstanding value of uncompleted works on March 1 was $1 billion.