KEY POINTS:
Finance and food company Speirs Group has posted an interim net loss of $613,000, in line with expectations.
The loss for the six months ended September 30 was well down on a profit of $466,000 a year earlier. Directors repeated their October warning of an annual profit below last year's $842,000 surplus.
Speirs' finance division was hurt by a slowing economy and competition in the sector. The company also struggled with a market decline in assets which it recovers, particularly in categories where it no longer lends, such as fishing boats.
The food division performed in line with forecast, and was expected to pick up in the summer months.
The company is spending $1.2 million to buy a 60 per cent interest in a joint venture to commercialise New Zealand-developed technology to bolster food with Omega-3 fatty acids.
Speirs will not pay an interim dividend.
Shares in the NZAX-listed company rose 2c to $1.42.
- NZPA
