Property investor Goodman Group
(ASX:GMG) has reported an unaudited loss of $1.1 billion for the 2009 financial year, also releasing details of a $1.8 billion capital raising to help strengthen the company’s balance sheet.
The company says operating profit after tax was $408 million, down from $567 million the year before.
The equity offer to raise $1.3 billion is fully underwritten at an issue price of $0.40 cents per security.
Goodman Group says the refinancing initiatives will also include a $500 million preference issue to the Chinese Investment Corp.
The company has also reached a $163 million joint venture deal with Canadian Pension Plan, to develop and own logistic assets in China.
The Group estimates operating profit after tax for the 2010 financial year of $310 million.
Goodman Group’s 2008 net profit took a big tumble from the company’s high in 2007 of $622.5 million.
