This article is from the Australian Property Journal archive
MELBOURNE'S Becton Property Group expects to report a second half year net loss after tax result for the second period.
At the same time, the company expects to deliver a core operating profit after tax in the range of $2 million – $5 million for the six months to December 31 2009 – down from $18.6 million in December 31 2008.
Meanwhile the company will deliver a loss after tax in the range of ($17 million) – ($20 million) for this first half year. Although this is the second consecutive loss result, it is an improvement from the previous corresponding period, where Becton made a net loss after tax of $63.4 million.
The company is expected to deliver some positive news with an $8 million – $11 million gain in the value of its retirement village assets.
However, this will be offset by write downs in the carrying value of its retirement developments assets to the tune of $7 million – $10 million, as well as $17 million – $21 million write down in fair value adjustments of financial assets.
The value of Becton’s commercial property portfolio is expected to dip slightly by 1.6%. The average capitalisation rate across the managed funds property portfolio as at December 31 2009 is expected to be 9.23%.
Australian Property Journal
