Prelios posts H1 net loss on writedowns, charges

MILAN Wed Aug 28, 2013 2:18pm EDT

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MILAN Aug 28 (Reuters) - Italian property firm Prelios said on Wednesday it posted a net loss in the first six months of 64 million euros ($85.38 million), weighed down by writedowns and financial charges.

In the first six months of last year Prelios posted a net loss of 125.7 million euros.

The group, hit by Italy's recession-hit home market, approved a turnaround plan in May to restructure 561 million euros in debt that included a bond issuance and two capital increases.

Its May restructuring plan calls for it to sell its real estate assets over the next two years and focus on boosting revenue from property under management.

In June the loss-making company, which manages property in Italy and Germany, said it expected to return to an operating profit next year. ($1 = 0.7496 euros) (Reporting by Stephen Jewkes)

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