Australand Property Group has suffered a 25 per cent slide in full year profit to $135 million.
The result was affected by writedowns on several commercial, industrial and residential projects, which were announced last November.
Australand's 2013 operating profit was up four per cent to almost $148 million, in line with guidance.
Residential sales were up 25 per cent on 2012, with the future also looking bright in that area, said Australand managing director Bob Johnston.
"Positive buyer sentiment and low interest rates have resulted in a significant increase in sales activity which positions the residential division well for 2014, Mr Johnston said.
That said, the company took a writedown of $65 million in November in relation to four residential projects and five commercial and industrial projects.
"While disappointing, the write downs reflected the group's strategic decision to take advantage of current market conditions to accelerate capital recovery from these projects," Mr Johnston said.
Australand's shares gained two cents to $3.93.
