GPT Group (ASX:GPT) reports $519 million loss

Company News

by Kathy Skantzos

GPT Group (ASX:GPT) reports a $519.1 million loss for the first half of the year, impacted by the uncertainty of the current economic climate.

The loss comes on the back of the company seeing a $711.3 million drop in property valuations.

The value of its total retail assets was hit the hardest, falling by $618.2 million compared with the prior corresponding period.

The Real Estate Investment Trust noted current government restrictions in Victoria is representing a setback to the activity of its Melbourne assets.

"It is clearly a very challenging time for Australia, in particular Victorians, and we are doing what we can to support out people, customers, tenants and the community," GPT Chief Executive Bob Johnston said.

GPT will pay out an interim distribution of 9.3 cent per share, down 13.11 cents compared to the prior corresponding period.

Shares in GPT Group (ASX:GPT) are trading 2.09 per cent higher at $3.91.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.