B&B downgrades interim profit forecast
Babcock & Brown has significantly downgraded its interim profit forecast.
The company told the Australian Securities Exchange today that its 2008 interim group net profit after tax was expected to be 25 per cent to 40 per cent below the $250 million interim result reported in 2007.
It said that the wide range in the interim group guidance was due to the fact that the final outcome of the interim result review had not been determined.
The company said the decline in the interim result was primarily due to non-cash impairment provisions flowing through equity accounted investments, in particular real estate and Everest Babcock & Brown, and provisions taken against real estate and other corporate and structured finance assets.
Babcock & Brown chief executive Phil Green said the volatile global capital market conditions had made and continued to make business conditions uncertain and forecasting in the short-term difficult.
AUTHOR
Mike Taylor
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by special guest Shane Oliver, chief economist at AMP, to break down what’s happening with the Trump trade and the broader global economy, and what it means for Australia.
In this episode, hosts Maja Garaca Djurdjevic and Keith Ford take a look at what’s making news in the investment world, from President-elect Donald Trump’s cabinet nominations to Cbus fronting up to a Senate inquiry.
In this new episode of The Manager Mix, host Laura Dew speaks with Claire Smith, head of private assets sales at Schroders, to discuss semi-liquid global private equity.
In this episode of Relative Return, host Laura Dew speaks with Eric Braz, MFS portfolio manager on the global small and mid-cap fund, the MFS Global New Discovery Strategy, to discuss the power of small and mid-cap investing in today’s global markets.
