LAND REGISTRY TRADING FUND
PROFIT AND LOSS ACCOUNT

for the year ended 31 March 2009
(Expressed in thousands of Hong Kong dollars)

	Note	2009			2008
Turnover	3	425,511			511,664
Operating costs	4	(340,780	)		(334,737	)
Profit from operations		84,731			176,927
Other income	5	22,183			30,362
Profit before tax		106,914			207,289
Taxation	6	(13,398	)		(31,277	)
Profit after tax		93,516			176,012
Dividend	7	(146,759	)		(288,006	)
Rate of return on fixed assets	8	18.8%			36.0%

The Notes to the Financial Statements form part of these financial statements.