Mirvac Posts $1.08 Billion Net Loss

SYDNEY-based property giant Mirvac has posted a statutory $1.08 billion net loss after tax for the 12 months ended 30 June 2009.

The company said it was impacted by property revaluations of $487.2 million, and the net loss in a range of joint ventures, which attributed $158 million to the company’s bottom line. Goodwill, management rights and other intangible assets were reduced by $273.6 million.

But net operating profit after tax was $200.8 million, down 43 per cent on the previous corresponding period. Revenue for the year was $1.79 billion, down down 16 per cent. Mirvac’s full distribution was 8 cents.

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