KEY POINTS:
Trans Tasman Properties has reported a loss after tax of $3.4 million for the year to December, compared with a $4.3m profit in 2005.
The company today partly attributed the result to an unrealised write-down of the group's investment in Asian Growth Properties (AGP) to quoted market value.
TTP sold 97.5 per cent of AGP via an off-market pro-rata share buyback, which led to the cancellation of 424 million TTP shares.
At that time, AGP comprised TTP's four Hong Kong property developments, valued at $283m.
Total group revenue for 2006 was $44.8m, down from $76m in 2005, mostly from the sale of the Viaduct 1 and 2 leasehold properties at the southern end of the Auckland Viaduct Western Reclamation, and the sale of a further 12 strata units at 65 York Street, Sydney.
Shareholders' equity of $99.5m, was down from $394.1m in 2005 as a result of the disposal of the AGP investment.
TTP said it was a property development company, whose revenues and profits were derived from the sale of development projects which were dependent upon development completion dates, and resulted in fluctuations in both revenues and profits from year to year.
No dividend will be paid for 2006.
During 2006 TTP was the target of a takeover offer by Hong Kong-based SEA Holdings.
By October, when SEA decided not to extend its offer further, it held a 79 per cent stake in TTP, short of the 90 per cent at which it could force remaining shareholders to sell.
TTP shares last traded at 54c on Friday, having ranged between 41c and 60c.
- NZPA
