RETIREMENT village company SCV Group Limited has a net loss after tax of $33.0 million for FY08 – compared to a NPAT of $2.6 million in FY07.
The result was impacted by write down totalling $22.1 million; $1.6 million associated with ING lease break fee and $1.1 million impairment to do with management rights.
SCV said the 2008 financial year was highly disruptive.
Another loss performing retirement village operator was Community Life.
CLF delivered a loss of $448,341 compared to profit of $179,503 last year. Revenue fell 32% to $1.44 million.
There was a somewhat bright result in the group, LV Living’s profit increased 1030% to $210,962.
Australian Property Journal
