Allied Farmers' interim loss of $15.7m 'within expectations'
Allied Farmers had an unaudited after-tax operating loss of $15.68 million in the six months to December 31 compared with a $3.91 million loss in the corresponding period last year.
After accounting for non-operating and non-cash items the loss was $11.84 million compared with a $4.76 million loss the previous year.
Finance subsidiary Allied Nationwide Finance contributed an unaudited net loss after tax of $1.21 million for the period.
"Pleasingly, arrears levels have remained steady signalling a strengthening position in the market and the number of participants in the segment has declined – therefore we are starting to enjoy the benefits of less competition," Allied Farmers managing director Rob Alloway said.
Chairman John Loughlin said this result was largely in line with expectations, and the acquisition of Hanover and United assets had strengthened the company's position.
Mr Alloway said that while core business performance had started showing signs of improvement in 2010, the first half-year had been extremely difficult for the company.
"Key rural and financial services sectors have not yet normalised following the global financial crisis, although there were positive signs in sectors such as dairy and asset finance," he said.