| Hammerson reports half-year loss of £417m |
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| Tuesday, 12 August 2008 | |
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Developer Hammerson will not start on any new major projects for at least a year - after posting losses in excess of £400m for the first half of 2008.
Hammerson suffered a pre-tax loss of £417m in the six months to June after receiving a £368m profit 12 months ago. Plummeting real estate values and continuing trouble in the financial sector are said to be the major causes for the loss. The group currently has six major developments underway across Britain, at a total construction cost of around £960m. Hammerson has said, while it will not be bringing any new schemes forward, it will keep progressing its current pipeline. This includes undertaking site assembly, pre-letting and design jobs. |
