Abacus Property Group
(ASX:ABP) has flagged a sharp drop in first half net profit for the six months to December 31, 2011.
The company’s profit is expected to be about $2 million compared to $10.5 million in the first half of its 2011 financial year.
The fall in profit has been attributed to market conditions on derivatives of $35 million.
However on an underlying basis, the company’s first half net profit is expected to be about $39 million.
Abacus Property Group reported a net profit of $17.8 million in the 2011 financial year.
