Stockland, Australia’s biggest housing developer, reported a full-year loss because of writedowns related to a slump in the value of property assets.

The statutory loss totaled A$1.8bn ($1.49bn) in the 12 months ended June 30 compared with a profit of $705m a year earlier, it said in a regulatory statement. Underlying profit totaled A$631m, down from A$674m a year earlier, the Sydney-based company said.

The annual loss included A$2.3b of writedowns from property revaluations and impairment of inventory, goodwill and strategic assets, the company said.

bloomberg.com, The Australian