Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

Lombard Group Posts NZ$439,000 Loss

Lombard Group Posts NZ$439,000 Loss on Mortgage Unit Writedown

Nov. 27 – 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.

The net loss was NZ$439,000 in the six months ended Sept. 30, from a loss of NZ$3.2 million a year earlier, the company said in a statement. Revenue tumbled 93% to NZ$1.18 million as the group stopped including the results for Lombard Finance & Investments.

“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 NZ$339,000 to NZ$1.086 million, “given the current challenging climate.”

Shares of Lombard last traded at 6 cents on Oct. 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.

(Businesswire)

ENDS

© Scoop Media

 
 
 
Top Scoops Headlines

 


Ian Powell: Doctors Call For Vaccine Development In New Zealand

On 10 June the Democracy Project published online an article by me on why New Zealand should seriously consider developing its own vaccine manufacturing and supply, particularly in respect of the coronavirus pandemic.. More>>



Peter Dunne: What Has Happened To Tolerance?

An unpleasant aspect of our current national character has come to light in recent times. When it comes right down to it, no matter what our pretences to the contrary, tolerance for a different point of view, or approach to things, is not a commodity in great supply at present, right across the political spectrum... More>>


Keith Rankin: Inflation Fears, Bullshit Costs, And Inappropriate Policy

It is true that New Zealand – and the rest of the world – now faces substantial inflation pressure. As the 2020s unfold, the biggest macroeconomic story – as in the 1920s after World War 1 – is likely to be about how we address these pressures... More>>




Climate Explained: Is New Zealand Losing Or Gaining Native Forests?

Apart from wetlands, land above the treeline, coastal dunes and a few other exceptions, New Zealand was once covered in forests from Cape Reinga to Bluff. So was Europe, which basically consisted of a single forest from Sicily in southern Italy to the North Cape in Norway, before human intervention... More>>




Sydney Mockdown: The Delta Variant Strikes

It is proving to be an unfolding nightmare. For a government that had been beaming with pride at their COVID contract tracing for months, insisting that people could live, consume and move about with freedom as health professionals wrapped themselves round the virus, the tune has changed... More>>


Gordon Campbell: On Why The J&J Vaccine Isn’t An Ideal Back-up Option, And Haiti

The news that Medsafe has given approval to Johnson & Johnson’s vaccine means the government is finally putting a backup plan in place, after the series of close shaves it has been experiencing of late in getting its deliveries of the Pfizer vaccine... More>>