B&B downgrades interim profit forecast
Babcock & Brown has significantly downgraded its interim profit forecast.
The company told the Australian Securities Exchange today that its 2008 interim group net profit after tax was expected to be 25 per cent to 40 per cent below the $250 million interim result reported in 2007.
It said that the wide range in the interim group guidance was due to the fact that the final outcome of the interim result review had not been determined.
The company said the decline in the interim result was primarily due to non-cash impairment provisions flowing through equity accounted investments, in particular real estate and Everest Babcock & Brown, and provisions taken against real estate and other corporate and structured finance assets.
Babcock & Brown chief executive Phil Green said the volatile global capital market conditions had made and continued to make business conditions uncertain and forecasting in the short-term difficult.
AUTHOR
Mike Taylor
Recommended for you
In this week’s special edition of Relative Return Insider, we bring you outgoing Financial Services Minister Stephen Jones’ keynote from Momentum Media’s Election 2025 event, followed by a Q&A focused on the Delivering Better Financial Outcomes reforms.
In this week’s episode of Relative Return Unplugged, Dr Vladimir Tyazhelnikov from the University of Sydney’s School of Economics joins the show to break down the shifting sands of global trade dynamics and attempt to understand the way US President Donald Trump is employing tariffs.
In this week’s special episode of Relative Return Unplugged, we present shadow treasurer Angus Taylor’s address at Momentum Media’s Election 2025 event, followed by a Q&A covering the Coalition’s plans for the financial services sector.
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
