FKP Property posts $319.4m annual loss; shares jump 11%

Published on

Reuters
Retirement village owner FKP Property Group Ltd reported a full-year net loss of $319.4 million and said it was keeping its distribution guidance under review.
FKP, which holds about $1.1 billion worth of retirement village assets, saw an 11.02 per cent surge in its shares, to close at 65.5 cents, after the company said it expected higher operating profits and cash flow in 2009/10.
The loss compared with a profit of $145.3 million for the same period a year earlier.
Shares of FKP rose 52 per cent in the first half of this year, beating the A-REIT index which dropped 17 per cent, amid speculation that its largest stakeholders might make a move. Still, the stock has traded at a discount to its net asset value.
Following its recent $324 million capital raising, Mulpha International, a Malaysian property-to-financial company, owns 25 per cent of FKP, while Australia’s second largest property firm Stockland Group holds a 14.9 per cent stake.

Share.