Property company Goodman Group
(ASX:GMG) says its loss for the first half widened to $500.3 million compared to a loss of $465.9 million in the same period a year ago.
The result reflects property and equity investment revaluations and is consistent with guidance provided in August.
Operating profit, which removes unrealised losses on falls in property prices, dropped 36% to $138.5 million.
Goodman Group declared an interim dividend of 1.5 cents a share down from 9.65 cents the year before.
CEO Greg Goodman says clear signs emerged during the first half that have led the company to conclude that valuations in its core markets have stabilised.
The company reaffirmed its full year guidance for profit after tax of $310 million.
Goodman Group reported a $1.12 billion loss in the 2009 financial year.
