11.02.2008  British Land Co., Europe's largest real estate company by assets, reported a 1.32 billion-pound ($2.59 billion) loss for the fiscal third quarter after its U.K. offices and shopping malls slumped in value. The loss in the three months ended Dec. 31, equivalent to 257 pence a share, compared with a profit of 1.5 billion pounds, or 285 pence, a year earlier, according to a statement today. British Land, London's biggest office landlord, said the worst of the price declines may be over. Broadgate, British Land's office complex in London's main financial district and the company's largest single asset, slumped in value by 287 million pounds, or 9.3 percent, on concern demand for offices may fall further in the wake of the subprime mortgage collapse. ``The tone is a whole lot less negative than feared,'' said John Perry, an analyst at Deutsche Bank AG in London with a ``buy'' rating on the stock. ``The market had been expecting a fairly grim statement.'' British Land was unchanged at 962 pence at 10:23 a.m. in London. The stock has dropped 21 percent in six months, while the FTSE 350 Real Estate Index has declined 17 percent. ``There is some light at the end of the tunnel,'' Chief Executive Officer Stephen Hester said on a conference call. ``We see encouraging signs that the pace of decline is moderating. January felt a lot more cheerful than November and December.'' Some types of properties may have already stopped losing value, said Hester, 46. He wasn't more specific. / Source: Bloomberg Возврат к списку новостей