SC Global

SC Global: The property developer warns that it expects to trport a net loss for the 2Q after a profit guidance by its 50.03%-owned Australian unit, AVJennings that it would have to write down the value of its assets by A$31-37m. As a result, AVJ expects to post a net loss of A$27-32m for FY12. Excluding this writedown, AVJ will make a net operating profit of A$5.1m. The provisioning is the result of a review of the carrying values of all AVJ's assets and investments and represents a 9.4-11.1% reduction in the book value of its residential inventory. SC Global’s 2Q results is due to be released in mid-Aug. The stock currently trades at a P/B of 0.63x with most street ratings in the Hold or Sell categories.