Allco, Centro post huge losses
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$2b loss: A Centro shopping centre in suburban Brisbane (ABC News: Giulio Saggin, file photo)
Two local victims of the global credit crunch have posted huge losses for the 2008 financial year.
Centro Properties Group says its lost more than $2 billion because of a fall in property values and asset write-downs.
Centro owes billions of dollars to its bankers and is trying to extend its loans.
Troubled investment company Allco Finance Group says it has made a net loss of just over $1.7 billion after writing down assets and goodwill.
It has scrapped its dividend payout to investors and is trying to sell assets.
