Trinity heads for improved loss
Queensland-based property investment group Trinity has forecast a full-year loss in the range of between $50 million to $59 million for the year ended 30 June, compared to the $226 million loss recorded the previous year.
Trinity chairman Brett Heading said the board had been encouraged that property valuations for Trinity’s Australian direct property holdings appeared to have stabilised.
The company told the Australian Securities Exchange (ASX) that it had complied with its 30 June banking convenants for its debt facilities with National Australia Bank (NAB), which expire on 31 October next year, with the next test of banking covenants occurring on 30 September when Trinity is required to have a loan to value ratio of 60 per cent and interest cover of 1.5 times.
Trinity said it had begun discussion with NAB regarding an extension of its debt facilities, including a new range of covenants.
The company said it was continuing discussions with the financier of its residential property asset in Tokyo regarding refinancing the facility that expires on 31 July, with the board also considering implementing an orderly sales campaign that would begin in August.
AUTHOR
Mike Taylor
Recommended for you
In this new episode of The Manager Mix, host Laura Dew speaks to Nick Paul, institutional portfolio manager at MFS Investment Management to delve into everything small and mid-cap equities.
In this episode of Relative Return, host Laura Dew chats with Kellie Wood, head of fixed income and deputy head of fixed income and multi-asset at Schroders Australia, to discuss why fixed income is returning to favour after a 12-year wait.
In this episode of Relative Return, host Laura Dew speaks with Michael Hunstad, deputy chief investment officer and chief investment officer of global equities at Northern Trust Asset Management, to debunk myths around index investing.
In this episode of Relative Return, host Maja Garaca Djurdjevic chats with Robin Tsui, APAC gold strategist at State Street Global Advisors, to discuss gold’s role as a diversifier in portfolios.
