We'll box smarter, vows GPT in wake of $1.2b half-year hit
Sydney Morning Herald
Friday August 28, 2009
THE GPT Group has reported a $1.19 billion loss for the half year to June 30, up from a year ago, but has vowed it intends to "get better, not bigger".Having updated investors only three weeks ago, the group also reiterated that it planned to focus back on Australia, as reflected by its intended sale of the European Halverton business and the write-down to nil of the failed joint venture with Babcock & Brown.In his maiden interim presentation yesterday, the chief executive Michael Cameron said the loss compared with a loss of $67.7 million last year.He said the blow-out was due to the impairments in asset values and the B&B write off.It was expected conditions to December would be vastly improved on those experienced in the same time last year.After taking into account the one-off charges, operational earnings were $183 million, down from $234 million in the previous corresponding period.Investors received an interim payout of 2.5c per security, down from 11.4c.Having sold close to $1 billion in assets in recent times, a further $1 billion is on the market, being the Ayers Rock Resort at Uluru and the Four Points Sheraton hotel at Darling Harbour. Mr Cameron stuck to his forecast final net profit of $365 million.
© 2009 Sydney Morning Herald
