september quarter profit falls

ALZ announces that they've had to rejig their dividend for the September quarter.

Australand Holdings could only manage 1.9c per share (vs. 2.3c per share previously announced).

While the total distribution remains at 4c per share, they've had to rip another 0.4c per share out of one of their capitive property trusts, in order to maintain the dividend.

You've been given The Word - this is just the start for property developers Australia-wide. The credit crunch has landed!