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Article: Write-down leaves Centro Properties with $2.6b loss
- Article from:
- The Press
- Article date:
- August 30, 2008
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Copyright informationCopyright 2008 The Press. Provided by ProQuest LLC. (Hide copyright information)
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Australia's Centro Properties Group, the shopping mall owner
seeking a debt extension to stay in business, has incurred an annual
net loss of $A2.1 billion ($NZ2.6b) as it wrote down the value of
its global assets.
Centro, which has put Christchurch's Barrington Mall up for sale,
earned a $A469.7 million profit in 2007.
Melbourne's listed Centro, which manages more than 750 malls in
the United States, Australia and New Zealand, told the Securities
Exchange yesterday that it had written down $A1.2b ($NZ1.47b) on its
properties.
Chief executive Glenn Rufrano is struggling to raise cash by
selling assets as property values decline in the US and Australia.
Rufrano took over this year after ...
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