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Overseas Property News
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Taylor Wimpey posts wider pre-tax loss
Country: United States
5 August 2009 Housebuilder Taylor Wimpey today posted a wider pretax loss, after carrying out further writedowns, but said that the worst of the USA property and UK property slumps are now over. The company, which has projects in North America, the UK and Spain, posted a pretax loss of £68.9m for the first half of 2009, compared with a loss of 300,000 last year. Taylor Wimpey wrote down £527m on the value of its land and work in progress in the North America, Spain and the UK, meaning that after exceptional items its loss for the six months rose to £681.9m, compared with write downs of £690m this time last year. “Although there remains the possibility that the uncertainty in the wider economy will have a further adverse impact on the housing market, we are cautiously optimistic about trading conditions for the remainder of the year," the company said in a statement. Shares in Taylor Wimpey closed on Tuesday at 40 pence, valuing the company at around £1.26bn.
See Also: Marc Da-Silva, Spain, Taylor Woodrow, UK, USA
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