Heartland FY profit slides 71 percent to $6.9 mln on charges to take distressed assets in-house

Sun, 25 Aug 2013

Aug. 26 (BusinessDesk) - Heartland New Zealand, the country’s newest bank, reported a 71 percent slide in annual profit after booking charges to take control of distressed assets previously managed by Pyne Gould Corp. Net profit fell to $6.9 million, or 2 cents per share, in the 12 months ended June 30, from $23.6 million, or 6 cents, a year earlier, the Christchurch-based lender said in a statement. That was in line with June guidance when Heartland said it was going to take an $18 million charge on writing down the value of loans and inves...

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