Developer Australand Ltd's major shareholder, DBS Land Ltd, announced a 12 per cent fall in its 1997 profit before a charge as it set aside money for a possible fall in the value of its properties. The result was worse than analysts expected.

Profit before a charge for the Singapore developer fell to $S182.3 million ($173.6 million), or 16.8¢ a share, from $S207.3 million, or 21.5¢ a share, in 1996.