valad property group's focus on revenue

http://www.theaustralian.com.au/business/valad-property-groups-focus-on-revenue/story-e6frg8zx-1225834512254

Valad Property Group's focus on revenue
From: The Australian February 26, 2010 12:00AM

VALAD Property Group has made a smaller first-half loss than last year and says its business is now stable and the fund manager is focused on growing revenue.


The group, which manages $9 billion in assets, posted a net loss of $103.6 million for the December half, compared with a loss of $821m in the prior corresponding period.

The result included writedowns of $46.2m on the property investment portfolio and $58.6m on other assets including co-investments.

Underlying profit was $3.6m, down 74 per cent from $14m in the year-ago half. Valad, which did not declare a dividend, said revenues from ordinary activities were down 56 per cent at $84.1m for the half year.

Managing director Peter Hurley said the business was now stable and there was opportunity for growth through the scale of the existing business and through new business.

"We manage $9bn of assets and, as markets recover, the value of our direct and indirect property interests will increase, as will our fees in line with property values," Mr Hurley said.

AAP