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Losses mount across property sector

Three of Australia’s largest property groups have reported falling profits in June as problems in both the retail and residential sectors played havoc with their bottom lines. GPT, reporting for the half-year, saw its profit tumble 51.6 per cent to $352.6 million, compared with the $728.5 million earned in the prior corresponding period, while the value of its retail portfolio fell 0.6 per cent. Profit was hit by more modest valuation gains compared with prior periods, as well as losses across