28 Nov 2008

$439,000 loss reported by Lombard

6:10 am on 28 November 2008

Lombard Group has written down the value of its mortgage business and made a loss of $439,000, in the six months to the end of September.

Its main business United Home Mortgages lost its major funder, GE Money, in October.

Lombard says it has written down the value of that business by 339-thousand to just over $1 million.

The group's subsidiary Lombard Finance and Investments was placed into receivership in April, owing $127 million to about 4400 investors.

Financial statements for that subsidiary are not included in the group's results.

Lombard said in September its future, and whether it remains listed, have not been decided.