Land Securities slumps to £1.7bn loss
Saturday, November 15, 2008
Land Securities, the UK’s largest property company, has reported a pre-tax loss of £1.74bn as the deepening decline in the property market forced the group to cut the value of its assets.
The company, which made a profit of £365.2m in the same six months last year, suffered writedowns of £1.74bn amid an “unprecedented period of financial instability”.
The plan to demerge Land Securities will be stopped because of the economic conditions, the group said, although it is still working on the sale of outsourcing arm Trillium.
Halting the demerger plan was widely expected among analysts because of the downturn and the departure of chairman Paul Myners to become the Government’s city minister. Land
Securities announced today that Mr Myners will be replaced by Alison Carnwath, the present chairman of MF Global.
Read more at Telegraph online
The company, which made a profit of £365.2m in the same six months last year, suffered writedowns of £1.74bn amid an “unprecedented period of financial instability”.
The plan to demerge Land Securities will be stopped because of the economic conditions, the group said, although it is still working on the sale of outsourcing arm Trillium.
Halting the demerger plan was widely expected among analysts because of the downturn and the departure of chairman Paul Myners to become the Government’s city minister. Land
Securities announced today that Mr Myners will be replaced by Alison Carnwath, the present chairman of MF Global.
Read more at Telegraph online
Labels: House market, Land Securities, property prices
