Grainger reports H1 pretax loss

LONDON (Reuters) - Grainger <GRI.L>, the UK's largest listed residential landlord, on Wednesday reported a first half loss before tax of 143 million pounds on falling property values and early debt conversion costs.

Grainger said in a statement it expects total sales revenue for the full-year to end-September to reach 144 million pounds and is confident of meeting its September interest cover covenant test well before the due date.

Grainger, which owns about 2.3 billion pounds in assets including rent-regulated houses and retirement homes, said it will defer any decisions on dividends until after the year end due to ongoing unpredictability in the market.

(Reporting by Daryl Loo)

(See www.reutersrealestate.com for the global service for real estate professionals from Reuters)

Article Published: 20/05/2009