PAYCE Consolidated has reported a loss after tax of $31.11 million for the first half year ended December 31 2008.
This is the second consecutive half year loss result for the company, after it reported a loss of $3.67 million for December 2007.
The company said the operating loss has arisen due to several factors including lower margins on apartment sales and lower level of sales compared to the previous corresponding period.
In the six months to December 2008, the Payce settled 67 transactions compared to 108 in the pcp.
Meanwhile the company continues to consolidate its operations.
Earlier in the week, Payce announced that it had entered into an agreement with Sekisui House to sell its 75% stake in land assets at Homebush and Ripley Valley for $125.45 million.
Australian Property Journal
