The Brisbane company has been trying to shed its past strategy and in 2021 was taken over in a management coup led by Dr Gary Weiss.

He said 2023 had been challenging. The bottom line loss was a big downward swing from its 2022 result of a $263 million profit.

Weiss said the company had continued to dispose of its non-core assets. About $505 million was sold off since December 2021 which has reduced debt by $319 million.

“A reduction in gearing remains a key priority, through the potential exit of the Cromwell Polish Retail Fund portfolio and the completion of the final stage of non-core asset sales,” Weiss said.

“We have also looked to grow our funds management platform through the proposed $1.1 billion transaction between Cromwell Direct Property Fund and the Australian Unity Diversified Property Fund.”

He said the simplification of the business had built foundations for growth and management was well positioned to identify opportunities to recycle capital, launch new products and build partnerships to grow the funds management platform.

Chief executive Jonathan Callaghan said the company was still committed to its strategy.

The company’s operating profit was $158.6 million, down from the 2022 result of $201 million.