Mirvac posted a first-half net loss of more than half a billion dollars due to property revaluations and write-downs on investments.

The property developer reported a net loss of $645.7m in the six months to 31 December from a net profit of $388.4m for the same period a year earlier.

The company’s operating profit - a more widely watched measure that excludes the effect of property revaluations - fell 62% to $81.6m, from $215m a year earlier, while revenue fell 33% to $809.7m.

'Today’s results vindicate the tough decisions Mirvac has made since August last year,' Mirvac managing director Nick Collishaw said, in reference to moves to slash its distribution policy and move to more recurring revenue streams.

The Australian