Gerry Harvey Cancels Property Revaluations

Gerry Harvey told the Australian Financial Review he is confident a revaluation of the companty’s property portfolio would not result in a decline.

However, the report also suggested Harvey is reluctant to formally value the properties, a decline in which would directly affect the company’s reported net profits.

Mr Harvey said the company internally revalued one sixth of its property portfolio ever six months, but this year it suspended that practice.

"By the time we are in the first six months of [fiscal 2010], I will probably have to look at revaluing or devaluing properties," Mr Harvey told the AFR.

 

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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