Mirvac Group has swung to a full-year net loss of $1.08bn after writing down the value of property assets.

The property developer reported a net profit of $171.8m a year earlier.

Revenues and other income in the year were $1.79bn, down 16% from $2.13bn in fiscal 2008.

In the past year, Mirvac has sold assets and restructured its business to simplify its activities, cut costs and strengthened its balance sheet and improved its liquidity through raising $1.6bn in new capital.

The Australian