PROPERTY group Trinity has warned that it will book a major after tax loss of $85 million to $110 million for the half year ended December 31 2008.
Chairman Keith De Lacy said the loss was largely driven by impairments or write offs to its construction business Trinity Development Group, formerly known as Consolidated Properties Group, which will write off $37 million and book losses of $15 million.
Trinity’s portfolio is expected write down $25 million and the group will a further incur $6 million loss associated with interest rate swap and $8 million attributable to equity accounted investments.
But De Lacy said the group’s underlying financial position was still sound.
Based on the unaudited results, Trinity’s NTA is expected to be approximately 90 cents per security.
Last week, Trinity appointed Laurie Brindle and Steve Leigh as the new chief executive and deputy chief executive of the group.
Brindle was most recently QIC’s head of global real estate and Leigh was QIC’s deputy head of global real estate.
Australian Property Journal
