July 31, 2018 / 3:32 AM / 9 months ago

UPDATE 1-Australian realtor McGrath flags additional $26 mln impairment for FY18

(Adds CEO quote, background, FY18 results date)

July 31 (Reuters) - McGrath Ltd, Australia’s only listed residential realtor, flagged on Tuesday an additional impairment charge of about A$35 million ($26 million) in the company-owned sales segment for the 2018 financial year.

The assets being impaired were mainly brought onto the balance sheet as part of agency acquisitions in 2015, the company said in a statement.

McGrath said it expected to report fiscal 2018 core earnings in line with its previous guidance at about A$1 million ($741,800).

“The past 12 months have been very challenging for McGrath...reduced sales volumes during FY18 impacted the performance of the business,” said Chief Executive Geoff Lucas.

McGrath, which swung to a loss in the first half that ended in December, faced the exodus of a fifth of its agents amid higher taxes and other restrictions which have hindered Chinese buying interest for new apartments.

It said it intended to release its fiscal 2018 audited financial results on Aug. 20. ($1 = 1.3481 Australian dollars) (Reporting by Aaron Saldanha in Bengaluru; Editing by Subhranshu Sahu)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below