KEY POINTS:
The Lombard Group had finance income of just $3000 in the six months to September 30 and operating and staff costs of $1.58 million.
The numbers no longer look pretty for the owners of failed finance companies.
Lombard reported a pre-tax operating loss of $406,000 for the six months to September 30, compared with a $4.633 million profit in the same period last year. No dividend was declared.
The bottom-line loss of $439,000 was better than the $3.12 million loss in the same period last year.
Accounts for the period do not include subsidiary Lombard Finance and Investments because Perpetual Trust put it into receivership in April.
Lombard wrote down the value of the business it has left - United Home Mortgages - by $339,000 to $1.086 million. The writedown of goodwill and a writeback of an overstated impairment loss last year were the main features of the result.
Lombard said it was "continuing to review its operations [regularly] with a view to rebuilding business levels once conditions allow".
- NZPA
