This article is from the Australian Property Journal archive
TRINITY Group has continued to remain in the red, delivering a poor 2010 full year result mired by crisis.
Trinity announced a net after tax loss of $50.3 million for the year ended 30 June 2010 which is an improvement compared with a prior year loss of $225.9 million. The result reflects the decline in revenue which fell from $50.33 million to $36.39 million.
No distribution was paid consistent with the prior year.
CEO Craig Bellamy said that whilst the overall loss was disappointing it represented a marked improvement on the prior year and had been achieved in an environment where Trinity at times faced great uncertainty.
Bellamy said that the numerous challenges that confronted Trinity last financial year included potential breaches of debt covenants, possible loss of the funds management business, various litigation matters, falling property markets and resignations of directors and executives.
“The board took the view that the stabilisation of the balance sheet in conjunction with the governance overhaul of the Trinity Group were the immediate requirements of the group and once achieved would hold it in good stead for the future. In the last 12 months, the group has decreased its debt with NAB by almost $100 million and has reduced its Loan to Value ratio on the NAB facility to 63.4% as at 30 June 2010,” he added.
As at 30 June 2010, Trinity’s gearing ratio, calculated as a percentage of net interest bearing liabilities over total tangible assets (excluding cash) was 64.5% (2009: 60.8%). The property gearing ratio, calculated as a percentage of net interest bearing liabilities over total property assets was 78.8% (2009: 82.9%).
Australian Property Journal
