Macquarie CountryWide Trust posted today a full-year net loss of $1.44bn on asset, derivative and joint venture revaluations.

The Australian shopping mall owner, which reported a net profit of $100.4m a year earlier, said that property markets would remain under pressure this financial year.

'However, we remain confident that business conditions for grocery-anchored property remain sound, as demonstrated by the continued solid performance of the non-discretionary retail sector,' chief executive Steven Sewell said.

Macquarie Countrywide also posted a loss from ordinary activities in the year ended June 30 of $300.7m, compared with revenue of $245.2m in the previous year.

The Australian