Largest British Homebuilder Reports Huge Loss

London, England, Aug. 27, 2008--British homebuilder Taylor Wimpey reported a $2.62 billion first-half loss resulting from $2.79 billion worth of write-downs to the value of its assets.

Last year the company had a $41.9 million profit in the first half.

The London-based company was forced to write down $1.27 billion of its land holdings across Britain, North America and Spain, where market conditions have become increasingly difficult as the credit crunch continues because of the lack of available mortgages. The write-down reflects the lower price that the company is likely to receive for home sales on that land.

To reduce costs, the company already has announced plans to close a third of its British offices by the end of September, slash 900 jobs and cancel the half-year dividend payment.

"Whilst conditions are likely to remain tough in both the UK and the U.S. in the short term, we are maintaining momentum in the UK and we have seen pockets of stabilization in the U.S.," said chief executive Pete Redfern.