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Allied Farmers Announce Loss Of $78 Million

Contributor:
Fuseworks Media
Fuseworks Media
Allied Farmers Announce Loss Of $78 Million

Allied Famers Limited announced today an unaudited operating loss after tax of $77.587 million (2009: $34.198 million loss) for the 12 month period ended 30 June 2010.

The result for the year includes a $21.395 million impairment of goodwill in its investment in subsidiary Allied Nationwide Finance which was placed in receivership on 20 August 2010.

Consequent to receivership, all of the goodwill related to this investment has been written off. Corporate expenses for the year include one off acquisition costs of $5.984 million, directly related to the purchase of the Hanover Finance and United Finance assets.

Impairment losses of $20.203 million on the ex Hanover Finance and United Finance assets relating to events after the 18 December 2009 acquisition date have been recognised in the result for the year.

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