Cromwell Property full-year loss widens on impairments, lower valuations

The news: Cromwell Property Group has widened its full-year loss on the back of a decline in property valuations and impairments related to discontinued operations.

The numbers: The company reported a wider net loss of $531.6 million compared to a $443.8 million loss a year ago. Revenue was down 4% to $219.7 million. It will pay a final distribution of 0.75 cents per security, down from 1.375 cents a year ago.

The context: Cromwell attributed the wider loss to a $115.5 million or 5% decline in property valuations across its Australian portfolio. The group also took impairments after the sale of its European operations. The investment group has been conducting asset sales to cut down on its debt.

“The sale of $1.6 billion of non-core assets over the last few years has positioned the group well, with low debt and gearing, providing investment capacity for value accretive growth in Australia moving forward,” chair Gary Weiss said.