THE Land Registry has recorded a flat earnings performance for the year to March 31. The Land Registry Trading Fund yesterday reported a net profit of $24.2 million for the year, compared with a profit of $23.6 million for the eight months to March 31, 1994. On a year-on-year comparison, analysts said the registry's profit actually decreased, if the previous year's financial account had included 12 months of earnings. That figure was not available in the accounts because the Land Registry only became a trading fund government department on August 1, 1993. About 60 per cent of the registry's income came from registration of land documents, mainly sale and purchase agreements, mortgage agreements and assignments. Search and copying services of land records, and reporting services on other government departments' inquiries, contributed to the rest of earnings. Analysts said the sharp property downturn and decreases in transactions had resulted in a decline in the registration of land documents, and therefore affecting the registry's income levels. The department said in its annual report that it registered a total of 532,181 land documents for the year to March 31, down about 18.5 per cent from the previous year's total transactions at 652,803. This included 96,138 sale and purchase agreements which represented a drop of about 34 per cent from the preceding year's 145,407. With continuous decreases in transactions and prices, analysts expected the Land Registry to see a flat earnings performance for this year. The latest profit figures were released in the registry's second annual report tabled by Secretary for Planning, Environment and Lands Bowen Leung in the Legislative Council. Land Registrar Kenneth Pang said in the report that it was progressively expanding services for customers to make searches of computerised land registers and order copies of land records. When all major development projects were completed in about two years, the Land Registry would have a fully computerised and unified Land Register for the whole territory, he said. 'All users will then be able to lodge deeds for registration in respect of properties in any district with a central registration office,' he said.