Published 2 September 2009
Pyne Gould Corp Ltd reported a $100 million turnaround in earnings for the June year yesterday, from a $44.8 million profit in 2008 to a $54.4 million loss. The bulk of the decline came from impaired assets, which increased from $5.7 million to a $98.6 million provision.
The latest result included a $17.6 million tax benefit, compared to a $14.2 million tax expense last year.
The company’s operating profit fell 34.5% to $69.9 million on a 17.2% decline in operating revenue to $198 million.
Finance receivables were down 11.5% to $1.2 billion and earnings from the vehicle lease book fell 30% to $36.2 million.
Total equity shrank from $261.7 million to $184.3 million.
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Attribution: Company accounts, story written by Bob Dey for the Bob Dey Property Report.