B&B downgrades interim profit forecast

real estate australian securities exchange chief executive amp

12 August 2008
| By Mike Taylor |

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 2 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

4 weeks 1 day ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week ago