Strategic posts first-half loss
The net loss was $32.8 million in the six months ended December 31, from a year-earlier profit of $14.6 million, the company said in a statement.
The finance company’s auditors reviewed its provisioning for the first half and as a result the company took provisions and debt write-off of $53 million. It also wrote off a $17.2 million deferred tax asset and intangible goodwill of $1.1 million.
The charges stem from “the unprecedented continuing steep decline in the property and finance sector and debt recovery delays affecting SFL’s forecasts,” chief executive Kerry Finnigan said in a statement.
“SFL’s management continues to be focused on maximising recoveries from the orderly realisation of its loan book,” he said.
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