British Land takes £1.3bn IFRS hit
IFRS takes sizeable bite out of FTSE 100 giant's fortunes as financial markets turmoil continues to take its toll
British Land has suffered a £1.3bn IFRS fair value loss on the back of the
100 giant said in its third quarter report to 31 December that the reflected
a pre-tax IFRS loss on ordinary activities.
The loss comes as a consequence of IFRS fair value requirements relating to
its investments. For the same period in 2006, the company made a £381m profit.
Because of the value decline, its gearing jumped to 45%.
British Land chairman Chris Gibson-Smith said: ‘Macro-economic uncertainty
and the global credit crunch have depressed property values. However, the worst
should now be behind us, though uncertainties remain on timing and extent of the