Geneva Finance has posted a $4.99 million loss for the year to March 31 and is paying $5 million of investors' principal and debt early.The loss compared to a loss of $7 million in the same period last year and included a $4.1 mi,lion deferred tax asset w
Geneva Finance has posted a $4.99 million loss for the year to March 31 and is paying $5 million of investors' principal and debt early.
The loss compared to a loss of $7 million in the same period last year and included a $4.1 mi,lion deferred tax asset write off, which the company said may be brought to profit in future periods.
The auditors raised a fundamental uncertainty as to the carrying value of the deferred tax asset and equity securities available for sale in the accounts.
The pre-tax loss of $876,000 compared to a loss of $6.565 million last year.
The company wants to continue to operate in the consumer finance sector. It said it needs to attract new equity and debt. Investors approved a repayment plan in March. A profit forecast in that plan for the year to March 31, 2010 was not achieved, mostly due to accounting policy related factors.
