Aspen announces $95m in writedowns for FY2012
Property developer and fund manager Aspen Group has revealed around $95 million in writedowns in its upcoming full-year results, but has reassured investors that its operating profit will only take a small hit as a result.
Aspen released today results of its end-of-year portfolio valuation, which resulted in likely impairments to the carrying value of loans to development syndicates of $82 million, and a further $33 million in writedowns related to equity interests in those syndicates.
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