Allied Farmers narrows FY loss as ex-Hanover asset sales near end, equity deficit widens

Thu, 29 Aug 2013

Aug. 30 (BusinessDesk) - Allied Farmers, which is in talks with the Inland Revenue Department to settle a $4.2 million tax bill and avoid liquidation, posted a narrower annual loss as it nears the end of a disastrous takeover of the Hanover Finance and United Finance loans books. The Hawera-based company made a loss of $4.4 million, or 0.02 cents per share, in the 12 months ended June 30, smaller than the loss of $13.9 million, or 0.85 cents, a year earlier. Accumulated losses of more than $156 million left the firm with negative equity of $...

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