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Becton to post first half loss
Published 9:25 AM, 9 Feb 2010 Last update 12:49 PM, 9 Feb 2010
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By a staff reporter
Becton Property Group Ltd says it expects to post a smaller first-half loss for fiscal 2010 against the previous corresponding period, sending its shares diving.
The company expects to post a loss of $17 million to $20 million, compared to a drop of $63.4 million for the first half of fiscal 2009.
At 1248 AEDT, Becton shares had slipped 7.14 per cent to 9.1 cents, against a 0.96 per cent drop on the benchmark index.
Becton said operating profit would be in the range of $2-5 million.
The group said it had revalued its retirement village assets as at December 31, 2009, with an average reduction in its commercial property portfolio to be around 1.6 per cent.
"The revaluation of retirement village assets as at 31 December 2009 is expected to represent a 15 to 18 per cent increase on previous valuations, while the average reduction in the value of the commercial property portfolio as at 31 December 2009 is expected to be approximately 1.6 per cent," the company said in a statement to the Australian Securities Exchange (ASX).
"The average capitalisation rate across the managed funds property portfolio as at 31 December 2009 is expected to be 9.23 per cent."
Becton said it expects to provide the market with details of its finalised half-year results on February 26.
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