The Land Registry Trading Fund has made a net profit of $63 million for the year to March 31, down from $188.8 million for the previous year. This represented an annual rate of return of 14.8 per cent on average net-fixed assets, compared with the fund's target of 10 per cent, it said. 'This out-turn, despite the substantial drop in business volumes, reflects a rigorous control over operating expenses and will enable the Land Registry to continue investing in large-scale information technology projects to bring about even more improved services,' Land Registrar Anthony Cooper said. He said that during the financial year, the Land Registry did not increase statutory fees. Analysts said the sharp property downturn and decreases in transactions resulted in a decline in the registration of land documents, and therefore affected the registry's income levels. The figures were released in the sixth annual report of the Land Registry Trading Fund tabled by Secretary for Planning, Environment and Lands Gordon Siu Kwing-chue in the Legislative Council yesterday.