22/07/2009 - 13:41

Port Bouvard posts $29m full-year loss

22/07/2009 - 13:41

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Property developer Port Bouvard has booked a $29 million net loss for the 2009 financial year which includes a more than $30 million asset impairment charge as a result of a weakening property market.

Port Bouvard posts $29m full-year loss

Property developer Port Bouvard has booked a $29 million net loss for the 2009 financial year which includes a more than $30 million asset impairment charge as a result of a weakening property market.

In its unaudited financial results released today, Port Bouvard said the write downs in asset carrying values were non-cash accounting adjustments.

"... the Board and new management believe it prudent to reflect conservative asset values on the company's balance sheet in these challenging economic times," the company said in a statement.

After taking into account the adjustments, net tangible assets for each share fell from $1.13 recorded in December 2008 to 84 cents.

Port Bouvard added that it continued to satisfy all banking requirements.

Shares in the property developer were unchanged at 36c at 15:35 AEST.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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