Tern first-half profit falls 78pc

Tern Properties says net earnings for the six months to September fell 78.3 per cent to $24.96 million from $114.81 million in the period last year. Turnover rose to $124.29 million from $39.79 million on operating profit of $24.97 million. Earnings per share were 8.2 cents, down from 37.7 cents previously. Interim dividend is 2.5 cents per share.