HUTCHISON Whampoa's interim results came in ahead of expectations, leading analysts to indicate they will be raising their forecasts for the full year. Strong earnings growth from property development and terminals helped profitability, analysts said. A new deal regarding the profit-sharing agreement with parent Cheung Kong (Holdings), while leaving the cash-flow picture relatively unchanged, could boost the profit to be booked through the profit and loss account in future. Net profit in the first half rose 48 per cent to $3.72 billion. Five blocks in the third phase of South Horizons were completed in February and all the residential units of these block were sold. Chairman Li Ka-shing said: ''The results achieved in the first half have been good and the quality of income has improved.'' The first three blocks of the fourth phase are expected to be completed by the end of the year. A further seven blocks are expected next year. There are also eight blocks to come in the fourth phase of Laguna City in Lam Tin, with completion later this year. At Sutherland Street, commercial space of 30,000 sq ft has been completed and redevelopment of a site at Hunghom, comprising about 863,000 sq ft of office space, is due for completion next year. At Hongkong International Terminals (HIT), the group's existing facilities were complemented by the partial completion of Terminal 8 East. The first berth was in operation in the first half of the year and the second berth will be completed in the second half. Shanghai port and Zuhai port, in which the group has interests of 40 per cent and 50 per cent respectively, both performed well, said Mr Li. Commercial operations at San Shan Island in Nanhai began in April. It is meant to act as a feeder port for HIT. The first phase of Yantian deep-water units, two container and four cargo berths, was completed. In retail operations, there was growth in revenue and increased margins. Park'N Shop is expanding in Taiwan and southern China and there are plans for stores in Shanghai. The group said it had 417 retail outlets, of which 151 were outside Hong Kong. Telecommunication operations in Hong Kong also increased in terms of profit and subscriber base size. The personal communication network Orange in Britain was launched in April. ''While it will take a few years to build up a subscriber base of sufficient size to generate profits, the initial performance of Orange has exceeded expectations,'' said Mr Li. He said the profit growth at Hutchison allowed the group to concentrate on the development of its existing businesses in Hong Kong and pursue suitable investment opportunities for expansion of its operations in China and abroad.