LONDON (dpa-AFX) - Hammerson plc (HMSO.L), a property development and investment company, Wednesday reported loss before tax of 42.3 million pounds for the full year, lower than 65.5 million pounds loss in the previous year, primarily due to decrease in evaluation losses on properties.
Net evaluation losses on properties were 20.6 million pounds for the year compared with 45.2 million pounds a year ago.
Loss from continuing operations reduced to 44.8 million pounds or 9p per share from 66.2 million pounds or 13.3p per share loss last year.
Net loss, however, widened to 526.3 million pounds or 106p per share compared with loss of 51.4 million pounds or 10.3p per share a year ago, reflecting 497 million pounds Value Retail impairment charges.
Excluding one-time items, adjusted earnings fell to 99 million pounds or 19.9p per share from 116 million pounds or 23.4p per share in the prior year.
The company posted operating profit of 13.1 million pounds compared with operating loss of 29.4 million pounds last year.
Revenue for the year declined to 121.1 million pounds from 134.3 million pounds in the previous year.
Hammerson has recommended a final dividend of 8.07p per share, payable on June 3, to shareholders of record on April 25.
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