Land Securities says IFRS pushes year to end March 2005 into profit (UK)

Land Securities Group plc said that under International Financial Reporting Standards (IFRS) its results for the year to 31 March 2005 show a net profit of £1.12bn, compared with a previously stated loss of £35.8m under UK GAAP.

Pretax profit under IFRS would be £1.33bn, up from a loss of £155.8m.

The group also said its net asset value under IFRS would be £6.08bn, down from £6.64bn under UK GAAP.

Source: Freeman News

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