Monday, November 16Friday, August 21
Incitec Pivot: recorded a loss of $179.9 million for the 2009 fiscal
year. This is in comparison with a profit of $604 million in the
previous financial year. Despite this loss, revenue rose 17 per cent to
more than $3 billion from its acquisition of Dyno Nobel.
Thursday, August 6
News Corp: reported a $US3.4 billion ($A4.2bn) bottom line loss courtesy of write-downs on investments such as Dow Jones.
Thursday, August 13
Stockland: announced a full year net loss of $1.8 billion. This compares with a profit of $705 million for the previous year and was caused by $2.4 billion in writedowns on investment properties and equity plays in rivals such as ING Office and GPT.
Lend Lease Primelife: announced a $247 million dollar loss for 2008-09 after poor market conditions and revaluations of retirement villages contributed to the change from the $41 million profit in 2007-08.
Tuesday, August 18
Dexus Ltd: the property company announced a full-year loss of $1.46 billion for 2008-09, compared with a profit of $428 million in 2007-08. The property portfolio was devalued by $1.6 billion.
Commonwealth Office: even the Commonwealth Bank's trophy office fund took heavy write-downs which delivered a $544 million net loss for 2008-09.
CFS Retail: even the Commonwealth Bank's trophy retail property fund took heavy write-downs which delivered a $367 million net loss for 2008-09.
Thursday, August 20
Challenger Infrastructure Fund: paid too much for assets in the UK so write-downs delivered a $139 million net loss for 2008-09.
Macquarie Infrastructure Group: announced a $1.71 billion loss for 2008-09 after belatedly writing down the value of its over-geared toll road investments, mainly in the US.
Lend Lease: a raft of write-downs sent the property giant plunging to a net loss of $653 million in 2008-09 compared with a profit of $254 million in 2007-08.
Macquarie Office: heavy write-downs of its large global office portfolio sent the bottom line down to an embarrassing $1.37 billion loss in 2008-09 compared with a claimed net profit of $208 million in 2007-08.
Macquarie Countrywide Trust
: the shopping mall owner announced an annual net loss of $1.4 billion
in 2008-09, largely due to write-downs on its over-geared US portfolio, much of which has now been sold.Macquarie DDR:
a $220 million loss for the December half blew out to $616 million
for the full 2008-09 financial year after further write-downs of its regional shopping centres in the US.Tishman Speyer Office Fund:
the half year loss of $223 million was bad enough but further write-downs sent the US property fund tumbling to a $621 million loss
Monday, August 24
troubles in its bleeding Brazilian business sent the old wheat monopoly to a net loss of $156 million
announced a $531 million loss
for 2008-09 after writing down its single tollroad asset in Melbourne by $400 million and announcing a $421 million capital raising.Cromwell Group:
the Brisbane-based property group tumbled to a $113 million net loss
for 2008-09 after taking a $104 million write-down on its investment properties.ING Office Fund:
the real estate group announced a net loss of $764 million
for 2008-09 after property write-down and losses on hedging. This represented a turnaround of more than a $1 billion from a $246 million profit for 2007-08.Fairfax Media:
announced a net loss of $380 million
for 2008-09, largely due to write-downs of its newspaper assets.HFA Accelerator Plus:
announced a loss of $150 million
for 2008-09, reflecting falling investment markets.
Tuesday, August 25
Astro Japan Property Trust (formerly Babcock & Brown's Japanese play):
heavy write-downs of Japanese property investments delivered a $367 million net loss
for 2008-09.Mirvac Real Estate Investment Trust:
the half year loss of $158.1 ballooned out ever further to a $251 million loss
for 2008-09 after more write-downs.Wednesday, August 26Australian Vintage:
it has been a tough time for the wine industry and the old McGuigan-Simeon took write-downs which delivered a $123 million loss
in 2008-09.Centro Properties Group:
shopping centre owner and operator announced a full-year loss of $3.54 billion as it slashed the value of its properties. This represents an increase of losses after the $2.4 billion loss
recorded for the December 2008 half.
the property group posted a $1.08 billion loss
for 2008-09, which was driven by $487 million in property revaluations. Mirvac Industrial Trust:
after a half year loss of $92 million, further write-downs took the full year loss to $224 million
in 2008-09.Babcock & Brown Infrastructure Group:
announced a $977 million full-year loss
for 2008-09 but it arguably should have been much greater given the group still claims it is worth more than $1 billion.
announced a net loss of $708 million
for the first half of 2009 courtesy of $2.9 billion in property write-downs.APN European Retail Property Group:
write-downs and derivative losses produced a net loss of $309.4 million
for 2008-09 but this only reduced net assets to $267.6 million when the market capitalisation is barely $20 million.Lihir Gold
: the gold miner announced a loss of $300 million
for the first half of 2009, thanks to a $409 million write-down of its disastrous Ballarat gold mine.Pacific Brands:
the clothing manufacturer announced a $234 million loss for 2008-09
which is down from a profit of $117 million from the previous year. This result can be attributed to writedown charges and restructuring expenses, although sales revenue also fell 5.5% to $2 billion.
ING Real Estate Community Living Group:
announced a $284 million loss
for 2008-09 courtesy of property write-downs.LinQ Resources Fund:
mining investment write-downs led to a $193 million loss
for the full year ending June 30, 2009.
Thursday, August 27
Abacus Property Group:
one of the smaller property players but still took write-downs big enough to deliver a net loss of $102 million
write-downs on its US, Canadian and UK assets delivered a loss of $1.2 billion
for 2008-09, compared with a $3.5 billion profit in the previous financial year when it was demerged from the Packer family's media assets.Eircom Holdings:
the old Babcock & Brown Capital took an axe to its goodwill line and managed to come up with a net loss of $1.48 billion
in 2008-09 which took it to a rather farcical position of having negative net assets of $660 million.GPT Group:
forced to write off $1 billion of value in a joint venture with the now defunct Babcock & Brown, the property trust announced a $1.19 billion loss
for the half year to June 2009.
GEO Property Group:
the former MFS fund took write-downs which delivered a net loss of $131.6 million
for 2008-09.OZ Minerals:
with about $1 billion in cash and negligible debt, the old Oxiana and Zinifex still announced a $585 million loss
for the June 2009 half courtesy of the fire sale of most of its assets to the Chinese government.FKP Property Group:
the retirement village owner announced a loss of $319 million
for 2008-09. This compared with a profit of $145 million for the same period a year earlier.
announced a net loss of $160 million
for 2008-09, down from a net profit of $98 million in 2007-08.Valad Property Group:
heavy write-downs after a foolish UK expansion program delivered a bone-crunching $1.49 billion loss
for 2008-09 after the half year figure had come it at $821 million.Friday, August 28
announced a $150.3m loss
for 2008-09 after some write-downs.
heavy property write-downs on its global industrial portfolio delivered a $1.1 billion loss
for 2008-09 as it unveiled a massive capital raising to fix the over-leveraged balance sheet.Babcock & Brown Power:
the write-downs could have been a lot heavier but still deliverd a $148.9 million loss
Monday, August 31
should have declared a 10-figure loss but only managed to come up with a bottom line figure of a $798 million loss.
The write-downs were certainly on the light side and is now claiming to have net assets worth $1.27 billion. That looks over-optimistic when compared with the market capitalisation of below $500 million.ING Industrial Fund:
reported a $1.17 billion loss
for 2008-09 after heavy write-downs. They have probably still got more to go because claimed net assets were only cut from $2.09 to 96c a unit, still well above the current market price.Keybridge Capital:
announced a $129 million loss
for 2008-09, reflecting falling investment markets.Multiplex Acumen Property Fund:
property write-downs sent it tumbling to a $107 million loss
for 2008-09.VDM Group:
the Perth-based engineering and project management group took $88.8 million in write-downs which delivered a painful $105.6 million net loss
the Labor mates lobbying scandal has hit this property fund manager for six and the net loss of $225.9 million
for 2008-09 showed how far the Brisbane-based company has fallen.Paladin Energy:
big write downs led the uranium miner to a $585 million net loss
for 2008-09.Friday, September 4Elders (formerly Futuris)
Malcolm Jackman came in as the new CEO in September 2008 and managed a net loss of $329 million
in the December half after $346 million in write-downs. However, this blew out to a $414 million full year loss
which was delayed pending finalisation of a massively dilutive $550 million capital raising at just 15c. September 30
Hedley Leisure & Gaming Fund:
declared a $178 million loss
the full year after hefty write-downs which reduced claimed net assets
from $326 million to $160 million when the market capitalisation is
down below $50 million. The auditor is Graham Coonan from KPMG's Cairns
Still to comeGalileo Japan Trust: was late with its December 2008 results which came in with a net loss of $196.4 million after heavy write-downs and we're still to see the full year disaster as banks consider pulling the plug.No AnnouncementOrchard Industrial Fund:write-downs and derivative losses delivered a $137.6 million loss for the December 2008 half but this only reduced claimed net assets from $337 million to $191.6 million when the market capitalisation is about $60 million. Not Finalised
Allco Max Securities and Mortgage Trust: writedowns delivered a $105.17 million loss for the December 2008 half.
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