Australia's GPT Group reported a loss of A$1.2 bn (EUR 701 mln) in the first half, reflecting the write-down of its European joint venture with Babcock & Brown for A$1.09 bn. This compares with a A$67.7 mln loss a year earlier. Operating profit declined 22% to A$183 mln, the company said.
Australia's GPT Group reported a loss of A$1.2 bn (EUR 701 mln) in the first half, reflecting the write-down of its European joint venture with Babcock & Brown for A$1.09 bn. This compares with a A$67.7 mln loss a year earlier. Operating profit declined 22% to A$183 mln, the company said.
In early August, GPT said it planned to withdraw to its home market and exit all overseas and non-core investments over time. 'The strategy is designed to restore shareholder confidence over time and deliver transparency, stability and security to the group's returns,' GPT said in a press release.
Australia's oldest property trust, GPT developed its European platform with the takeover of Halverton Real Estate Investment Management Limited in 2007.
At the earnings presentation last week, GPT chief executive Michael Cameron said he expected the level of devaluations to fall back in the second half to around A$250 mln.
The Sydney-listed company has slashed its debt from A$5 bn to A$2 bn.
