Property funds management and development company Charter Hall has eliminated five jobs in business areas that experienced a slowdown in the first half of 2009.
The areas included development and capital transactions and the cuts amounted to around 10 per cent of the listed company's workforce, Charter Hall chief financial officer Peter Roberts said.
"So it was one analyst, a couple of transaction guys and development guys," he said. "We're only a small team of 60 so we try to redeploy where we can."
The five dismissals will not affect the business, Roberts said.
"We still have got people that can look after our developments on foot, and as far as capital transactions are concerned we're still handling that but the growth just hasn't been there," he said.
When asked if further redundancies were possible, Roberts said they can never be ruled out.
"At this stage if things get worse again then there's possibilities, but at this stage we haven't considered further cuts," he said.
Charter Hall yesterday posted a statutory loss after tax of $16.6 million for the first half of 2009. The loss is after non-cash fair value adjustments of $42 million.
Charter Hall's first-half underlying earnings were $20.9 million, down from $26.3 million in the prior corresponding period.
