Styland provisions hit $40m

PUBLISHED : Wednesday, 26 August, 1998, 12:00am
UPDATED : Wednesday, 26 August, 1998, 12:00am

Financial and property group Styland Holdings slipped into the red with a loss of $48.6 million for the year to March, mainly due to a provision of $40 million for diminishing property value and doubtful debts. This compared with after-tax profit of $10.9 million in the previous year.