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AUSTRALIAN PROPERTY FUND RECORD REALTY POSTS LARGE ANNUAL LOSS.(Financial report)
SYDNEY, Sept 1 Asia Pulse - Property fund Record Realty (ASX:RRT) has reported a large annual loss, after writing down the value of investments.
It today posted a net loss of $A253.40 million ($US216.86 million) for the year ended June 30, compared to a profit of $73.03 million profit in the prior year.
Revenue for the 2007/08 fell 37 per cent to $64.61 million.
No distribution is to be paid.
"In what has been a difficult year for global markets the values of real estate assets have come under severe pressure," it said in a statement.
This had resulted in a net loss from fair value adjustments on investment properties of $93.39 million, compared to a profit of $40.81 million previously.
Record Realty was at the end of the financial year in breach of financial covenants in respect of a number of its debt facilities supplied by its bankers.
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Source: HighBeam Research, AUSTRALIAN PROPERTY FUND RECORD REALTY POSTS LARGE ANNUAL...