Retirement village owner FKP Property Group
(ASX:FKP) has announced a full year loss of $319.4 million compared to a profit of $145.3 million the year before.
The loss was impacted by second half impairments of $269.4 million.
Operating profit after tax for the year came to $78.6 million in line with guidance provided in June.
CEO Peter Brown says since the deterioration in credit and market conditions last year, the company has worked hard to restructure its financial position and is now strongly placed to capitalise as the residential property sector recovers.
Mr Brown says FKP expects higher operating profits and operating cash flow in 2009/2010 and says the company maintains its distribution guidance of 1 cent a share minimum, however it will keep distributions under review depending on results and the economic outlook.
FKP Property Group’s best net profit in the last five years was in 2007.
