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Property firm DTZ posts year loss, pays no dividend

British real estate agency DTZ Holdings posted a pretax loss before exceptional items of 35.1 million pounds ($58 million) for the year to end-April, as the worldwide property downturn hit its sales.

DTZ, which operates in 162 cities worldwide, said it had secured an additional credit facility of 15 million pounds since the year-end from its largest shareholder SGP to support an acceleration of its restructuring plans. The property services firm said full-year revenue fell 18% to 364 million pounds, and recorded exceptional charges of 44.6 million pounds in restructuring costs and a non-cash impairment from the sale of a unit. The worldwide real estate downturn has also hit other property firms such as CB Richard Ellis and Savills. DTZ, which had raised 48.7 million pounds through a share placement last December, said it would not pay a dividend for the year. (Reuters)