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    why dont they focus on the good things?
    Centro reports half year loss of $1.11b

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    AdvertisementFebruary 29, 2008 - 10:35AM

    Centro Properties Group has reported a net loss of more than $1 billion for the first half of 2007/08.

    The net loss was $1.112 billion for the six months ended December 31, compared to a profit of $157.276 million in the previous corresponding half.

    The shopping centres owner and operator said the loss was driven by a $578 million writedown in goodwill at its US business New Plan and a $278 million writedown of direct US property investments.

    First half distributable income of $185.9 million was up 14.2 per cent compared to the prior corresponding period.

    The increase in distributable income was primarily due to an increase in assets under management from the New Plan acquisition.

    Centro's distributable income for the period equates to 22 cents per security, up from 19.86 cents per security for the prior corresponding period.

    "However, as previously advised, no distribution will be paid for the half," Centro said.

    "Until the outcome of the recapitalisation process is known, Centro has suspended guidance on its forecast operating distributable income."

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