Property giant optimistic despite 拢888m pre-tax loss revealed in preliminary results

Property giant Land Securities said it has 鈥減erformed well鈥� in the current market conditions despite being forced to record a 拢900m pre-tax loss as the value of its assets fell.

Land Securities preliminary results today showed a pre-tax loss of 拢888.8m following a write-down of 拢1.28bn in the value of the property it owns, a fall in value of 10.3%.

Discounting the write-down, profits on revenue fell by 3.3% to 拢379.1m. Chief executive Francis Salway said the results were a 鈥渃onsiderable success in the face of a sharply falling market鈥�.

Shares in the company actually rose marginally on publication of the results, which they claimed outperformed the market. The IPD has reported average commercial property values falling 16.8% in the year, compared to the 10.3% registered by Land Securities.

The firm also said the demerger of its property services business Trillium was progressing well.

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