LONDON (ShareCast) - Property developer Quintain Estates's asset value slumped by more than 11% last year with the group adding it will time the development of its major schemes to suit the prevailing market conditions.

Net asset value at the year to March was 584p, down from 680p this time last year with the group posting a loss for the year of £54.7m against a profit of £48.6m. Total assets fell from £1.02bn to £873m

"Book values of our major schemes in London were affected by the adverse market conditions. Wembley declined 11% against the value reported at 31 March 2007, but we recorded a small valuation increase at Greenwich Peninsula of 2.5%," Quintain said.

"'While we will not be immune from a further deteriorating property market, our exposure to less cyclical sectors, such as healthcare and student accommodation, will continue to stand us in good stead," chairman John Plender added.

The dividend for the year rises to 12.25p (2006: 11.75p).

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