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BCL

Kordia breaches banking covenants

Chris Keall | Monday March 16, 2009 | 17 comments

The timing couldn’t be worse: just as the government sends a letter calling SOEs to account, state-owned Kordia slips into the red, and breaches banking covenants as debt surges to $125 million.

In its interim result for the six months ended December 31, 2008, Kordia made a pre-tax loss of $5.77 million, (after tax $9.47 million) compared to a pre-tax profit of $7.76 million for second half of 2007.