Perpetual said mark-to-market losses in the Exact Market Cash Fund for the 2009 financial year stood at $24.3 million as at January 2009, or $17 million after tax.
The amount is an increase of $9.6 million over the mark-to-market losses of $14.7 million at November 2008. The majority of the increase will be booked in the December 2008 half-year result.
The most recent mark-to-market losses were primarily a result of the re-pricing of Australian-issued residential mortgage backed securities.
Perpetual also announced that it will book restructuring charges of $12 million, or $8.4 million after tax, in the December 2008 half-year result. This amount is a slight increase on the initial estimate of $10 million disclosed to the market in early December 2008, and is largely related to targeted redundancies across the company in the last quarter of the 2008 calendar year.
The December 2008 half-year result will also include $6.3 million, or $4.4 million after tax, of realised and unrealised losses from investments due to the impact of the falling equity markets on Perpetual's seed funds.
News Bites