Midland Realty (Holdings) yesterday announced a year-on-year fall in net profit for the first time since listing on the stock exchange in mid-1995, posting $223.38 million for 1997, down 25.5 per cent from $300 million. The figure was mainly dampened by a provision of $119 million in the second half for bad and doubtful debts. The provision reflected deteriorating economic conditions and plunging property prices, and an increase in defaults on properties. In light of the fall, directors slashed the full-year pay-out to 11 cents, with a final dividend of one cent a share. A Midland Realty spokesman said the dividend cut also reflected the enlarged capital - issued shares jumped to 598.02 million from 240 million in 1996.