Australand, a unit of CapitaLand in Australia, said that it incurred a net loss of A$298.2 million.
The accounting loss was attributed to its investment properties’ revaluation loss of A$249.4 million, it said.
Moreover, Australand incurred the impairment of joint venture assets and development amounting to A$148.4 million. This is on top of the A$20.7 million non-recurring finance cost.
However, according to Australand, it gained a net operating profit after tax amounting to A$120.2 million for the full year ended in December, in accordance to its guidance.
Looking forward, Australand said that the improved economic conditions and outlook will help to strengthen its development activity. It plans to seek approval at its annual general meeting to take on a five into one consolidation of its stapled securities, it added.
Australand said this will cut the huge number of securities on issue following the latest entitlement offers.
The group results are due to be announced by CapitaLand on Thursday.