Trinity heads for improved loss
Queensland-based property investment group Trinity has forecast a full-year loss in the range of between $50 million to $59 million for the year ended 30 June, compared to the $226 million loss recorded the previous year.
Trinity chairman Brett Heading said the board had been encouraged that property valuations for Trinity’s Australian direct property holdings appeared to have stabilised.
The company told the Australian Securities Exchange (ASX) that it had complied with its 30 June banking convenants for its debt facilities with National Australia Bank (NAB), which expire on 31 October next year, with the next test of banking covenants occurring on 30 September when Trinity is required to have a loan to value ratio of 60 per cent and interest cover of 1.5 times.
Trinity said it had begun discussion with NAB regarding an extension of its debt facilities, including a new range of covenants.
The company said it was continuing discussions with the financier of its residential property asset in Tokyo regarding refinancing the facility that expires on 31 July, with the board also considering implementing an orderly sales campaign that would begin in August.
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