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NZ money - Source: ONE News
Strategic Finance Ltd (SFL) says the audit of its half-year accounts has been delayed while talks continue with its trustee.
The company on Monday released unaudited figures for the six months to December 31 showing an after-tax trading loss of $99.8 million and a net loss after tax of $32.8 million.
On January 15 Strategic Finance signalled further significant provisioning on its property portfolio that resulted in the finance company's loan book value falling below 75% of principal owed to debenture holders, depositors and subordinated note holders.
This, as well as the failure to make the target payments to investors on January 7, triggered an event review and talks with the trustee.
Strategic Finance says it expects an update of the discussions to be released shortly.
"It is, however, as a result of these discussions that the timing and conclusion of the half-year audit by KPMG has become delayed.
"We expect to have the audit complete before March 31, 2010."
The loss reported on Monday was higher than the $84 million net loss after tax signalled in January, and reflected further additional provisioning of $16.1 million.
