Australand low profit

Australand property group has posted a very low profit of $25.55 million for the six months to June 30 2008, down 79 percent on the previous period. The slowdown in the New South Wales residential market forced the company to write down a combined $34.7 million on the value of some projects. Few days later Australand announced that 87 percent of eligible institutional investors had taken up their entitlements to its debt issue at 60 cents a share, raising $364 million. "We are pleased with the support we received," said managing director Bob Johnston. But after trading halt since the company reported steep fall in first-half profit earlier on, Australand shareprice is down by 32 percent to $0.66.