FIRST Pacific, the $8.3 billion investment company, exceeded analysts' expectations with an 81.4 per cent increase in attributable first-half profits of $502.3 million. After allowing for exceptional items the attributable profit increased by 66.3 per cent to $418.8 million. Turnover for the first six months rose to $12.7 billion compared to $10.76 billion, an increase of 18.6 per cent. Stripping out exceptional items, earnings per share for the first half rose to 22.93 cents compared to 16.24 for the first half last year, a rise of 41.3 per cent. On a fully diluted basis, earnings per share, excluding net exceptional items, increased by 58.8 per cent to 19.81 cents from 12.45 cents. An interim dividend of six cents has been declared, a 20 per cent or one cent rise compared to last year's interim. There is also a scrip option. Manuel Pangilinan, managing director of the territory's 43rd biggest company, said: ''Particularly strong performances from First Pacific Davies, Hagemeyer, Tech Pacific, Berli Jucker and Metro Pacific helped to compensate for the anticipated start-up losses at Smart Communications in the Philippines and Pacific TeleLink in Hong Kong.'' The company's shares closed the day's trading up 30 cents at $5.60. Mr Pangilinan said it was difficult to say whether the interims would enhance the company's aim of becoming a component stock on the Hang Seng Index by year end. He said: ''We are trying to do the best we can. I would have hoped this would be helpful. Selection would be helpful to the share price but at the end of the day it is not up to us.'' The company has also announced that it is planning to sell around 80 per cent of its stake in the United Savings Bank, an American savings bank with a predominately Chinese customer base and assets of about $11.36 billion. The company has recently been hit by the contraction of loan volume, an increase in short-term interest rates and the continuing recession in California. Mr Pangilinan said: ''The planned divestment will allow us to continue to re-allocate significant resources to Asia and, in particular, to the group's telecommunications activities where investment requirements are substantial. ''Subscriber growth in all of the group's telecommunications businesses has been encouraging. Three of the operators - Pacific TeleLink in Hong Kong, Smart in the Philippines and IndoLink in Indonesia - are in a start-up phase and will begin to make meaningful contributions to profit in 1995 and 1996. ''Property trading profits will continue to be reinvested to strengthen the group's integrated property services business and other businesses.'' At the end of June, the company had more than 95 million square feet under management, the bulk of it located in Hong Kong and China.