Australand, one of Australia's largest diversified property companies, yesterday reported an 83% drop in its full-year net profit and warned of a 25-30% fall in 2009 operating profit.

As the first company to report this year, Australand's result was a scene-setter for more gloomy results in coming weeks.

The majority Singapore-owned company was hit by slow sales, negative asset revaluation and write-downs totalling $131.7m.

Its full-year net profit was $40.2 m, compared with $269m in 2008.

However, its operating profit rose 7% to $175m.

The Australian