Daejan dives into the red

Property group Daejan Holdings slumped into the red in the year to end-March after taking a £262m hit on the value of its properties.In the year to 31 March 2009 the company made a loss before tax of £248m, versus a pre-tax profit the year before of £47.1m.Gross rental income rose to £83.9m from £73.6m."Our core rental activity remains strong and this enables the board to recommend a final dividend of 48p per share in respect of the year ended 31 March 2009," the company's chairman B S E Freshwater said.Total dividends for the year remain unchanged at 73p.