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GFNZ (Geneva Finance) reduces first-half loss

GFNZ Group, formerly Geneva Finance, narrowed its first-half loss to $0.26 million and says collections from its pre-moratorium ledgers, the cause of its losses, are having a reducing impact.

Monday, December 12th 2011, 9:44AM

The latest loss compares with the $0.95 million first-half loss last year and follows the $6.2 million net loss it made in the year ended March.

GFNZ's investors agreed to a moratorium in November 2007 when the company owed them $132.4 million. GFNZ says after paying the scheduled September 30 repayment early on August 31it has now repaid more than $119.5 million in principal and interest.

"The performance of the loans originated after April 2008 continue to deliver encouraging returns and, with sustainable new funding, has the ability to assist in moving the group into profit," GFNZ says.

The results of its new lending strategies "are encouraging" despite the difficult economic environment which is making it particularly difficult to collect on its pre-moratorium assets challenging, it says.

The board and management are committed to achieving profitability.

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