RPT-UPDATE 1-St Modwen H1 loss widens; scraps interim dividend

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* Sees further fall in commercial property values

* H1 pretax loss 98.3 mln stg vs yr-ago loss 20 mln stg

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July 6 (Reuters) - British real estate developer St Modwen Properties Plc (SMP.L) scrapped its interim dividend as it reported a wider first-half loss, hurt by significantly lower property prices and said that it saw further fall in commercial property values. St Modwen, which specialises in redeveloping towns and cities across Britain, said its net asset value per share fell 20.4 percent to 266 pence since Nov. 30, 2008, amidst adverse market conditions.

The company reported a pretax loss of 98.3 million pounds ($160 million) for the six months ended May 31, compared with a loss of 20 million pounds a year earlier. However, St Modwen reported a trading profit of 6.8 million pounds for the period.

The company, which declared an interim dividend of 3.9 pence per share for the first half, said it would not pay an interim dividend this year to preserve cash. St Modwen shares closed at 181.5 pence on Friday on the London Stock Exchange. ($1=.6142 Pound) (Reporting by Kumar Alagappan in Bangalore; Editing by Gopakumar Warrier)