Allied Farmers takes further impairment on Hanover assets, adding to 1H loss

Fri, 01 Mar 2013

March 1 (BusinessDesk) – Allied Farmers has taken a further $4.1 million impairment on its ex-Hanover Finance assets, inflating its first-half loss, which still narrowed from a year earlier. The Hawera-based company posted a loss of $5.5 million in the six months ended Dec. 31, from a loss of $8.3 million a year earlier. Revenue rose to $22.6 million from $9.6 million. The company is trying to rebuild itself after its disastrous acquisition of financial assets from Hanover and United Finance for $394 million in 2009. It has ring-fenced what’...

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