Owner of retirement communities, Aveo Group (ASX:AOG)
, today reported a statutory loss after tax of $213.4 million for the year ended 30 June 2019.
This was impacted by a $259.3 million decrease (after tax and non-controlling interest), largely due to the investment property valuation of the Retirement portfolio.
This was on the back of a review of the retirement portfolio’s unit pricing and the adoption of lower property price growth assumptions used in determining the value of the portfolio, reflecting the downturn in the broader residential property market across Australia over the past two years.
This resulted in a decrease in Aveo’s net tangible assets per security from $3.92 as at 30 June 2018 to $3.50 as at 30 June 2019.
Shares in the Aveo Group (ASX:AOG)
are trading 0.47 per cent higher at $2.13.