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Babcock & Brown sees FY net proftit 25-40 percent below 07

Sun Aug 10, 2008 8:49pm EDT

(Alert corrected to show that 25-40 pct refers to interim earnings)

SYDNEY, Aug 11 (Reuters) - Australian investment firm Babcock & Brown Ltd BNB.AX said on Monday its 2008 interim net profit after tax is expected to be 25 percent to 40 percent below the A$250 million ($221 million) interim result reported in 2007.

The decline is primarily due to non-cash impairment provisions through equity accounted investments, in particular real estate and Everest Babcock & Brown and provisions taken against real estate and other corporate & structured finance assets, the company said.

Full year 2008 earnings are not expected to exceed 2007's A$643 million, it said. (Reporting by Mette Fraende)



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