25/02/2009 - 12:22

Aspen books $42.8m half year loss

25/02/2009 - 12:22

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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.

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.

 

 


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