Conservative approach the way for Geneva and St Laurence
Things aren't likely to improve in the near future for finance companies Geneva Finance and St Laurence Property and Finance, with both firms undergoing heavy restructuring and looking to focus on minimising risk in the coming year.
Wednesday, July 1st 2009, 8:23PM
by Paul McBeth
The companies' annual reports echoed sentiments about the tough economic climate blurring their outlook for the next 12 months. Still, both envisaged a conservative approach to be prudent, with tighter controls on costs and the divestment of assets deemed unnecessary a common theme.
Geneva said it was confident its restructuring left it well-placed to survive the recession, although it is unsure as to how the downturn will impact on collecting receivables, especially from the "old ledger". It will continue to strengthen its balance sheet, which it sees as being "in the interest of all shareholders."
St Laurence's first priority is to reduce debt, it said in its report. It will also look to maximise the value of its existing assets and build the worth of its property portfolio.
Along with exiting from property financing, the company said it will change its approach to investing in property backed securities to increase its control over these funds, and it will either increase or decrease its holdings appropriately.
Paul is a staff writer for Good Returns based in Wellington.
| « Rates Round up | S&P happy with Hubbard » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
