Some prefer to look at underlying profits. In which case, it is possible that during a period of land value appreciation, there could be a drop in underlying profit(stripping out the unrealised movement in property value). See SUM in 2014: http://m.nzherald.co.nz/business/new...ectid=11307671
I guess the corollary could happen...whereby underlying profit could actually increase even though land values could be declining.