said yesterday six month net profit rose 19 percent to $94 million as a result of the sale of the group's stake in United Merchants Finance Ltd.

Exceptional gains from the sale of the group's interest in the instalment finance company masked a 19 percent drop in operating profit.

Unaudited profit after taxation for the six months ending June 30 was $257.3 million compared to $215.8 million for the same period a year earlier.

After dividends of $45.6 million compared to $45.4 million earlier, the group's retained profit was $211.7 million compared to $170.4 million, an increase of 24 percent.

Earnings per share rose to 44.26 cents compared to 37.07 cents.

Excluding one time gains, earnings per share fell to 28.02 cents from 37.07 cents.