Liberty International suffers first quarter loss

Source: Stock Market Digital

Date :08/05/2008 10:17:22

Liberty International Plc, the UK property company, yesterday reported a £335 million loss before tax for the first quarter of 2008.

The company’s net asset value per share has declined from 1264 pence to 1181 pence, reflecting unsettled property market conditions in the UK.

Underlying profit, largely a measure of rental income, was down six pence at £34 million.

Market conditions

The company’s prime regional shopping centres, which constitute some 75 percent of the business, demonstrated a stable and resilient operating performance with an occupancy level of 98.5 percent.

Sir Robert Finch, Chairman of Liberty International, said, “In addition to the high quality developments on which we are currently engaged, especially at St. David’s, Cardiff and Eldon Square, Newcastle, we are pursuing a broad range of active management initiatives and development prospects within our existing £8.3 billion of investment properties.”

He added, “While such activity is subject to suitable market conditions, these prospects provide substantial scope for future organic growth.”

In a statement, the chairman confirmed that the company remains confident in its ability to respond to the more difficult conditions now prevailing in commercial property and retail markets.

May 08, 2008