Aspen Group has reported an interim net loss of $42.8 million, taking a big hit from investment property revaluations and fair value adjustments for the reporting period.
The net loss for the six months to the end of December 2008 compares to a net profit recorded in the previous corresponding period of $49.2 million.
Total revenue for the period increased slightly from $34.3 million to $34.9 million.
Underlying net profit after tax dipped 10 per cent to $17.1 million, equating to underlying earnings per share of 6.73 cents.
Revenue for the company's property and investment portfolio increased from $16.3 million to $21.95 million.
The portfolio suffered a downward revaluation to the investment property portfolio of $12.5 million, a write down of equity accounted investments of $24.8 million and a $10.5 million write down of inventories.
Meantime its funds management division reported a drop in revenue from $14.5 million to $10.5 million.
Aspen said the division enjoyed mixed results for the period with recurring funds management revenue rising 32 per cent to $8.6 million while establishment fees decreased 81 per cent to $1.3 million.
At the end of the reporting period, the company had $1.9 million in cash and cash equivalents.
