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23 August 2010
French Nexity posts E50m net loss due to writedowns
Listed French firm Nexity, the nation's largest commercial and resident property developer, posted a E50m net loss for 2009 as a result of E122m of writedowns in assets acquired by its services and distribution businesses. But CEO Alain Dinin said the outlook remains favourable. REIT/SIIC Eurosic, in which Nexity has a 31.7% stake, also made a negative contribution of E32m to group accounts. Excluding the writedowns and Eurosic, Nexity achieved a net profit of E104m, down 21% from 2008. (See upcoming PIE Editions for full story)