Lombard posts loss
Lombard Group, whose Finance & Investments division was put in receivership in April, posted a first-half loss, after writing down the value of its main trading unit.
Thursday, November 27th 2008, 4:48PM
by Jonathan Underhill
“The nature of the financial markets in which Lombard and its subsidiaries operate in is at present challenging, with market confidence low,” chief executive Michael Reeves said in a statement. “Lombard is continuing to review its operations on a regular basis with a view to rebuilding business levels once conditions allow.”
The company won’t pay a first-half dividend. It wrote down the value of its United Home Mortgages unit by $339,000 to $1.086 million, “given the current challenging climate.”
Shares of Lombard last traded at 6 cents on October 8 and have tumbled 95% in the past year. In September, the company said it was considering whether to de-list from the NZX or be sold after its main operating unit was put in receivership by its trustee.
As part of a restructuring since the receivership, the company made almost all staff at Lombard Finance redundant, consolidated its remaining mortgage management businesses into one and moved to cheaper premises.
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