Valad Property Group has made a smaller first-half loss than last year and says its business is now stable and the fund manager is focused on growing revenue.

The group, which manages $9bn in assets, posted a net loss of $103.6m for the December half, compared with a loss of $821m in the prior corresponding period.

The result included writedowns of $46.2m on the property investment portfolio and $58.6m on other assets including co-investments.

Underlying profit was $3.6m, down 74% from $14m in the year-ago half. Valad, which did not declare a dividend, said revenues from ordinary activities were down 56% at $84.1m for the half year.

The Australian